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Onida targets Rs. 160 crore from washing machine sales during the current year with 80% growth

Posted On: 2018-07-11 11:19:50

Onida, a leading Indian consumer durables brand announces the launch of 20 new models for their Washing Machine category to strengthen its Washing Machine product portfolio. This lineup includes glass lid Semi-Automated and Hi-End front load and top load machines with in-built heaters.

The demand for Washing Machines goes up majorly during the monsoon season. There is a greater need among urban, metro and rural consumers to upgrade their machines during this season. Onida targets to grow in this category by 80% during the current year generating a revenue of Rs 160 crore.

Onida has products for all segments across India, however we are primarily targeting the semi-urban and rural segments. Onida has a state-of-the-art Washing Machine plant in Roorkee, wherein we have moulding machines and assembly line for manufacturing Washing Machines. The facility is fully integrated and all the machines are imported from USA and Japan. The plant can manufacture 7.20 lakhs Washing Machines per annum on a three-shift basis.

Commenting on the development, Mr. Vijay Mansukhani, MD - MIRC Electronics said that, "we are pioneers in the segments we are currently operating in like LED Televisions, Air Conditioners and Washing Machines. Our washing machines segment has started growing at good rates for the last two years. Our focus in this segment has been increased and we will do sizable business in the next three years".

Onida has a wide network of 4000 dealers spread all across India and has added 500 more dealers in the first 6 months of this calendar year. With the number of dealers and points of presence stores coupled with an online presence on Flipkart and Amazon, we are confident of achieving the growth numbers for the current year. The Home appliances market is growing faster than other segments. There is a huge untapped rural market, and currently, there is only 0.5% penetration for washing machines in this market. The company has a focused approach in targeting rural markets with Semi-Automatic Washing Machines and Washers.

Shares of MIRC ELECTRONICS LTD. was last trading in BSE at Rs.30.1 as compared to the previous close of Rs. 29.25. The total number of shares traded during the day was 32789 in over 183 trades.

The stock hit an intraday high of Rs. 30.45 and intraday low of 28.8. The net turnover during the day was Rs. 966726.


Source: Equity Bulls

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