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.
“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,” Managing Director, Mirc Electronics, Vijay Mansukhani said in a statement.
Mirc Electronics has clocked a revenue of Rs 748 crore for the financial year 2017. It has garnered 15 per cent of its revenues from modern retail and has recently tied up with Flipkart and Amazon for making their products available online.
“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.
“We have completed work on 15 new models of washing machines and very soon we are hitting the market with these innovative products and targeting 6 per cent market share in washing machine segment,” Mansukhani said.
A leading consumer durables company said that it has offered a one-time golden hand shake to some of the employees after the automation at the plant, which has helped in focusing on higher margin products and have resulted in good profitability contributors for the company in the last one 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.