Mirc Electronics, maker of Onida brand of consumer durables, today said 166 permanent workers at its factory at Wada, Maharashtra have 'voluntarily resigned' after an agreement with the Union as part of its cost cutting exercise.
Mirc Electronics, maker of Onida brand of consumer durables, today said 166 permanent workers at its factory at Wada, Maharashtra have ‘voluntarily resigned’ after an agreement with the Union as part of its cost-cutting exercise.
For the purpose of cost optimisation and effective utilisation of resources, the company has executed an agreement on September 13, 2016 with the Union of workers at the Wada factory in Palgar district, Mirc Electronics said in a BSE filing.
“Pursuant to the said agreement, 166 permanent workers of the company have voluntarily resigned from the company and compensation as per the aforesaid agreement has been paid to them,” the filing added.
Mirc has manufacturing facilities at Wada (Maharashtra) and Roorkee (Uttarakhand) with a capacity of over 3.4 million televisions and 2.4 lakh washing machines respectively.
In the quarter ended June 30, 2016 the company’s net profit had dropped to Rs 91 lakh from Rs 2.74 crore in the year-ago period.
Company’s sales had, however, grown to Rs 248.88 crore as against Rs 240.93 crore in the same quarter previous year.
Shares of Mirc Electronics were trading at Rs 12.86 apiece in the afternoon trade, up 4.13 per cent from the previous close on BSE.