Virtuoso Optoelectronics jumps on commissioning new manufacturing facility in Nashik

Virtuoso Optoelectronics (VOEPL) rose 2.84% to Rs 143 after the company said it has added a new manufacturing facility at Wadiware in Nashik, Maharashtra.

The new facility is in line with the committed investment by the company for the PLI scheme for white goods and LED lighting, for which VOEPL received an approval last year.

In addition to the existing manufacturing facilities that manufacture air conditioners (ACs) and EMS / LED lights for renowned brands, the third manufacturing unit of VOEPL will have in-house capabilities of manufacturing sheet metal components with presses ranging from 63T to 310T. The facility will also have a powder coating setup. The facility will further increase the Outdoor Unit (ODU) manufacturing capacity of the company, which is being done in line with the expectations of its customers and based on the received projections. The capacity of making ODU for room ACs will increase to 240,000 per year. The manufacturing facility will also add a tool room for maintenance and upgradation of tools to ensure quick turnaround to its customer and maximum uptime of the tools.

Sukrit Bharati, MD, VOEPL, said, "We need to meet consumer expectations by upgrading and enchanting our manufacturing capabilities as per their requirement. We received projections with increased demand from our customers and have decided to increase our capacities accordingly. We are also increasing backward integration so that we can be competitive and give better service to our customers. The investment incurred for machinery used in this unit is part of the PLI scheme of white goods that the company has got sanction for."

VOEPL got listed on the BSE-SME exchange on 15 September 2022. It is an emerging manufacturer of high-volume production of Electronics Manufacturing Services (EMS) and consumer products, based in Nashik (Maharashtra). It makes consumer durable goods and assemble a wide array of products and provide end-to-end product solutions. It serves under both original equipment manufacturers (OEMs) and Original Design Manufacturers (ODMs) business models.

VOEPL reported net profit of Rs 5.04 crore on net sales of Rs 112.52 crore in the half year ended September 2022.

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