Dixon Tech shares surge 3 percent in trade on May 31 noon after the company announced a proposal to partner with Xiaomi India for manufacturing and export mobile phones from India.

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In an official statement, the company said that apart from manufacturing and export, it is also looking to enhance component ecosystem in India through the wholly owned subsidiaries of Dixon. The proposed association will be formalised subject to execution of the definitive agreements.

Earlier, Chinese electronics giant Xiaomi had partnered with homegrown Dixon Tech to locally manufacture Mi LED TVs.

Consumer electronics contract manufacturer Dixon Tech on May 23 reported its fourth quarter financial results where it showed 27.7 percent growth in consolidated profit at Rs 81 crore versus Rs 63 crore, same quarter last year while company’s revenue grew 3.8 percent at Rs 3,065 crore versus Rs 2,953 crore in Q4FY22. The company had also beat the street estimates in its quarter four results.

Also read: Dixon CEO says annual revenue will be comfortably over Rs 20,000 crore by 2027

Earlier, while speaking exclusively to CNBC-TV18 on May 5, MD Atul Lall of Dixon Tech had said that the company is closing large orders in the near future. While speaking on growth, he mentioned that it is going to be similar to what they have done in the past. The mobile business orderbook looks good however lightening and television business is relatively slow, he had stated.

(Edited by : Vahishta Unwalla)