Here is yet another proof that the consumer durable industry is facing a miserable year in terms of sales growth. MIRC Electronics has reported a 13.1% decline in sales to Rs 2,163 m in 3QFY01. The slowdown in the economy and unseasonal rainfall has clearly affected volume growth for the industry.
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Sales for the first nine months of the current year has also declined by 11.3% to Rs 5,448 m. The highly competitive Indian consumer durable industry and rising colour picture tube prices have lowered operating margins. Operating margins declined from 11.0% in 3QFY00 to 10.2% in 3QFY01.
The stock is trading at Rs 502 at a P/E multiple of 9.7x the annualised nine months earnings.
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