Mirc Electronics eyes 20-25 percent growth in next 5 years

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Mirc Electronics, which owns the Onida brand for manufacturing of electronics goods, has said it is looking to grow at 20-25 per cent for the next five years and plans to increase its dealers network.

Mirc Electronics, Onida, consumer electronics, growth, India

“We will grow at 20-25 per cent for the next five years. We would continue to deliver profits going forward. We are currently working with 4,000 dealers across India and continuously striving to increase this number,” Mirc Electronics Managing Director Vijay Mansukhani said in a statement to PTI.

“Mirc Electronics has clocked a revenue of Rs 748 crore for the financial year 2017. We are currently at 4 per cent of the market share in our display devices and expected to increase this to 8-10 per cent in the next two years,” he said.

The company is looking at 60-65 per cent growth in LED TV sales in FY18 as compared to Rs 308 crore sales of LED TV during FY17. The company expects 30 per cent of the revenues to come from KY series TV sales, It has recently expanded its television product lineup with the launch of Onida KY Super thunder. Priced at Rs 99,999, this television is already available both online and offline.

The company’s home appliances market is also growing faster than other segments, contributing 9 per cent to the revenues. With huge untapped rural market and only 0.5 per cent penetration for washing machines, the company is looking to push washing machine sales. Currently industry size is 5 million units and is expected to grow at 10-12 per cent during the year.

The company has almost saved Rs 15-20 crore after reducing the manpower, the company said. Mirc has manufacturing facilities at Wada in Maharashtra and Roorkee in Uttrakhand with a capacity of over 3.4 million televisions and 2.4 lakhs washing machines respectively.

 

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