Electronics manufacturing has gained momentum in India as global giants, including Alphabet’s Google and Apple , expand their supply chain away from China.
“(For) the sector and Dixon, the growth path is going to be extremely aggressive in the coming future,” Managing Director Atul Lall said on Wednesday.
The contract manufacturer reported a revenue of Rs 17,713 crore ($2.04 billion) for the 2024 financial year that ended in March, up 45% from a year earlier. Its revenue stood at Rs 28,577 crore for the nine months ended December 31.
Noida-based Dixon, which also assembles smartphones for firms such as China’s Xiaomi and Oppo, has branched out into component manufacturing as India plans to offer billions of dollars in incentives to make parts for mobiles and laptops.
India’s electronics manufacturing sector is set to grow to Rs 6 lakh crore in fiscal year 2027, from Rs 1.46 lakh crore in 2022, brokerage Motilal Oswal said in a note in December.
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However, U.S. President Donald Trump’s threat to impose reciprocal tariffs from early April could pose a risk, with analysts estimating potential losses at about $7 billion a year for India’s export sectors. Lall said Dixon, which has invested heavily to cater to rising export demand for electronics, is awaiting more details on the issue as the U.S. has made only broader statements so far.
