MIRC Electronics, the makers of the Onida and Igo brand, declared their annual financial results for 2011-12 during their board meeting on May 5th, 2011. The company registered a strong topline growth of 28% over the previous year, and a growth of 55% in PBT.
Announcing the results, Mr. Gulu Mirchandani, Chairman and Managing Director, MIRC Electronics Ltd. said, “2010-11 is a landmark year in the history of the organization with the revenue figures crossing Rs.2000 Cr. The company has done well across all categories and a 28% growth number is a wonderful platform for our future ambitious plans of becoming a billion dollar company in the next 3 years. With a strong performance in our three main growth drivers of Flat Panels, Air Conditioners and Mobile Phones, Onida is well on its way to becoming an extremely strong player in the market.”
The company has managed to do well in the CRT Televisions, a category that has seen growth slow down considerably due to the onslaught of LCD and LED Televisions. A 7% value growth in this category, the largest revenue earner for the company, went a long way is ensuring a robust topline growth.
The Flat Panel (LCD and LED TVs) grew by over 120% and the successful launch of the Onida ICare LED TVs helped Onida gain more than a foothold in this market. The product was well received for its picture quality and sound output, and compared favourably amongst all competition.
The Air Conditioner business, where Onida has been seen as a pioneer over the last 4-5 years, saw one more year where Onida gained significant share. The Speedcool innovation launched last year and the Precool innovation launched for the 2011 season were huge hits in the market. ‘SMS Gone, AC On’, the tagline for the Precool models, became popular with the trade and helped the company grow by 45% this financial year. In the current season the company has grown by 72% in this category.
In mobile phones, the company has steadily launched new models with one innovation after the other. The sharp targeting in this category has resulted in Onida becoming a player of significance in its focus markets. The mobile phones business grew to Rs. 250 Cr from a base of Rs. 100 Cr.
The company is looking to sustain its growth trend and make even further inroads in the market in the immediate future.
About ONIDA:
ONIDA was started by Mr.G.L.Mirchandani and Mr.Vijay Mansukhani in 1981 in Mumbai. In 1982, ONIDA started assembling television sets at their factory in Andheri, Mumbai. ONIDA today enjoys a strong equity among consumers, making it one of the leading brands in India. Besides being a leading brand in CTV, LCD & DVD categories, ONIDA has established itself as a strong player in the household appliance categories of Microwave Owens, Air-conditioners & Washing machines. ONIDA is also present in the mobile phone business and has steadily increased its share of the market. ONIDA has a network of 33 branch offices, 151 Customer Relation Centers and 41 depots spread across India.
Website: www.onida.com
