Home-grown consumer electronics brand Onida is aiming a growth of 34 per cent this fiscal, touching Rs 1,000 crore sales on the back of retail expansion in non-metro cities. Besides, Mirc Electronics, which owns Onida brand, is also betting on the new products in the TV and Micro Wave segments to be launched, the company said in a statement. “Our efforts for the last three years have finally paid off and we were very successful in expanding our dealer network in the last three years,” Mirc Electronics MD Vijay Mansukani said.
Mirc Electronics had reported revenues of Rs 748 crore in 2016-17. “This (the expansion) is going to give us the growth of 34 per cent during the current year, which will take company’s revenues to Rs 1,000 crore,” Mansukani added. The company is eyeing a good growth in the air condition and TV panel segment and believes that GST regime has provided an equal level playing field in the sector and would help compete with the companies well settled in the segment.
“Post GST, there is no sales tax advantage based on the place of manufacturing, this gives us level playing ground and we can compete well with international players,” Mansukani said. Currently, Onida has around 8 per cent market share in the TV segment and the company expected to it grow to 10 per cent by the end of this fiscal. Onida, presently, has a network of 4,000 dealers pan- India. It has manufacturing facility for air conditioners, washing machines and home appliances.