Mirc Electronics Q3 net down

Mirc Electronics, which sell consumer durable products under Onida brand, has reported 53 per cent fall in December quarter net profit at Rs 1.39 crore (Rs 2.94 crore), largely due to higher inventory of finished goods.

Revenue was up 22 per cent at Rs 161 crore compared to Rs 131 crore logged in the same period last year. Finished goods inventory increased to Rs 50 crore (Rs 15 crore). Vijay Mansukhani, Managing Director, Mirc Electronics, said there was a significant increase in sale of air conditioners and washing machines during the quarter though there was little bit of cost pressure.

“Our air conditioners business during the quarter has witnessed phenomenal growth of 108 per cent year-on-year basis. Washing machines volumes also grew by 30 per cent led by launch of new models,” he added. The company has appointed Sanjay Munshi as Additional Director and Whole Time Director with effect from February 12 and accepted the resignation of Shyamsunder Dhoot as the Whole Time Director of the company. Munshi has previously worked with LG Electronics India, Matsushita TV & Audio India and Videocon International in various capacities.