Mirc Electronics Ltd, the makers of Onida, today registered 288 per cent growth in net profit at Rs 4.50 crore in the first quarter ended June 30 as against Rs 1.16 crore in same period last year. The leading consumer durables company's revenue however, declined to Rs 216 crore as against Rs 248 crore in Q1FY17, it said in a statement here. EBIDTA margin has improved by 185 basis points, from 3.47 per cent in Q1 FY17 to 5.32 in Q1 FY18. "We are looking at growing at 20-25 per cent in the next five years.
We would continue to deliver profits going forward and strive to improve our EBIDTA margins in the next couple of quarters. "We are currently working with 4,000 dealers across India and continuously striving to increase this number," Mirc Electronics managing director Vijay Mansukhani said. "We currently have 4 per cent of the market share in display devices and expect this to increase to 8-10 per cent in the next two years. "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.
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