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Mirc topline growth continues in 2QFY2000 - Views on News from Equitymaster
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  • Oct 15, 1999

    Mirc topline growth continues in 2QFY2000

    Consumer durables major Mirc Electronics has reported a 23% growth in net profit to Rs 100 m in 2QFY2000, over the corresponding period in FY99. Income from operations improved by 11% to Rs 1,828 m.

    Mirc Electronics manufactures the 'Onida' range of Televisions (TVs) and is one of the largest players in the TV segment (installed capacity: 652,000 units). It sold 301,449 TVs in FY99. It also manufactures VCRs, VCPs and Audio players. But itís a very small player and their sales volumes are declining in these segments. The company has made a comeback in the last 2 years in the competitive TV segment, through sustained marketing efforts.
    (Rs m) 2QFY2000 2QFY1999 Change
    Sales 1,828.0 1,646.4 11.0%
    Other Income 3.5 3.1 12.9%
    Total Expenditure 1,647.4 1,483.3 11.1%
    Interest 46.4 53.6 -13.4%
    Depreciation 16.5 15.7 5.1%
    Profit before Tax 121.2 96.9 25.1%
    Tax 21.0 15.1 39.1%
    Profit after Tax 100.2 81.8 22.5%

    The company's interest outgo was 46 m, down 13% over the corresponding period in FY99. Total expenditure was however up by 11% to Rs 1,647 m. Overall Mirc's net profit has surged 55% to Rs 175 m in the first half of FY2000 (April-September 1999) on the back of a 21% growth in sales to Rs 3,651 m.

    With the economy showing signs of improvement, a stable government and the coming festival season, the performance is likely to continue through the financial year. But the festival season also signifies intensified competition and hence thinner margins.



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