Shares of Dixon Technologies (India) fell 20% to hit a 52-week low of Rs 2,676.25 in intraday trade on Friday after the company reported disappointing December quarter (Q3FY23) results. Q3FY23 revenue fell 22% YoY to Rs 2,405 crore as consumer electronics and lighting sales fell 39% YoY and were the main areas impacting sales.

However, profit after tax rose 12% to Rs 52 crore in the current quarter, compared to Rs 46 crore in the third quarter of FY22. Ebitda’s margin improved by 130 basis points (bps) to 4.7% from 3.4% a year earlier. Management said value engineering, cost optimisation, and specific price increases were vital profit drivers.

Dixon manufactures consumer durables, lighting, home appliances, mobile phones and other electronics in India.

Dixon was trading 18% lower at Rs 2,749 at 11:30 am, while the S&P BSE Sensex was down 1.3%. It fell below the previous low of Rs 3,185.05 on May 16, 2022.