Electronics maker Dixon expects nearly 50% revenue growth in 2024

Electronics maker Dixon Technologies (India) expects a near-50% increase in revenue for the current fiscal year, aided by growth in its mobile phone business, its top boss said on Tuesday.

"The largest trigger of growth for us is our mobile phone business", Dixon's Managing Director Atul Lall told Reuters at the sidelines of an electronics event in Chennai, the capital of the southern state of Tamil Nadu, a key manufacturing hub.

Lall said revenue for the full year ending March could be 180 billion rupees ($2.16 billion), with about 40%-50% of that coming from its business of manufacturing and assembling mobile phone and their accessories.

The full-year revenue estimate is higher than the roughly 122 billion rupees Dixon reported for the last financial year. It reported revenue of 82.18 billion rupees for the six months ended Dec. 31, a little less than half Lall's full-year prediction.

The company, which started making colour televisions in India in 1994, now has 23 manufacturing plants in the country and serves customers, ranging from South Korea's Samsung to washing machine brand Germany's Robert Bosch.

The $155 billion Indian electronics market has gained from major global manufacturers diversifying their supply chain from China, while the local government's production-linked incentives to drive local production have also helped companies such as Dixon.

The country's policymakers and electronics makers are now aiming to localise manufacturing more components and raw materials, as many factories in India currently only assemble smartphones and other gadgets imported in parts.