MIRC Electronics Ltd has identified air-conditioners, washing machines and LED TV business as major business drivers as it seeks to garner a bigger share in these segments.
The company sees its home AC market share going up from 14 per cent to 18 per cent by next year.
Expecting to close with revenues of about Rs 1,500 crore this year, the company, owner of Onida and IGO brands, expects its revenues to shoot up to Rs 4,500 crore by 2015.
Addressing a press conference here today, G.L. Mirchandani, Chairman and Managing Director, said the company has invested on capacity addition in its plants and is gearing up for next phase of growth.
Launching its 2013 collection of air-conditioners, he said that the company is expecting to garner a share of about 18 per cent in the split AC segment up from 14 per cent now.
New products
Unveiling 32 new models, and showcasing its product range spanning TVs, washing machines, microwave ovens, he said that Onida Smart Inverter range of ACs are extremely efficient and help save on energy.
Vipul Mathur, Vice-President, Marketing, said that the country’s Rs 6,000-crore home AC market is projected to grow by about 18 per cent this year against a sluggish market last year. “Within this market, we will be able to garner a bigger share with new models and a Rs 50-crore promotional spend,’’ he said.
Referring to the MIRC business spanning seven broad product categories, Mathur said: “ACs, washing machines and LED TVs will help garner a bigger share of the market. We are looking at ACs contributing to about Rs 1,200 crore, LED TV segment Rs 1,500 crore and washing machines Rs 500 crore as we move on to next phase of growth.’’
The market is very price-sensitive and energy saving devices are gaining popularity, Mathur said.