The company, which is aiming at Rs 4,000 crore turnover in the next three years from Rs 1,500 crore now, has entered into new categories such as air-conditioners, microwave ovens and DVD players. TVs comprised 76 per cent of Mirc's revenues in 2005, which has now reached 55 per cent.
G Sunder, CEO, Mirc Electronics, said, "Going forward, non-audio visual products will account for 50 per cent of the revenues."
Mirc also plans to launch cell phones under the Onida brand.
The company's move is in syc with other consumer durable companies which are expanding into new product categories.
According to research firm ORG, Onida enjoyed a 10.4 per cent market share in split air-conditioners from April 2007 to February 2008. Company executives, however, peg the market share at 15 per cent.
Recently, Onida introduced split ACs with the 3.5-star rating in accordance with the bureau of energy efficiency standard . Air-conditioners contribute close to 30 per cent of the company's turnover.
The entry into LCD and the introduction of ultra-slim televisions are expected to push television volume by 30 per cent. Sunder said, "The slim and ultra-slim models will comprise 30 per cent of the television sales. The competitive market and input costs have put pressure on margins but we plan to offset it through value engineering."
