NEW DELHI – Dixon Technologies reported revenue of Rs48.2 billion ($580 million) for the third quarter of its fiscal year, doubling the company's sales from the same quarter in 2022.

The company said the jump in revenue came from a higher demand for smartphones in India's economy, which boosted its mobile and electronic manufacturing services business.

Revenue for the financial year ending in March 2024 is projected to jump nearly 50% to roughly Rs180 billion ($2.2 billion), Dixon's managing director Atul Lall told Reuters earlier this month.