ONIDA eyeing Rs 1200 crore business in two years

CHENNAI: MIRC Electronics, manufacturer of ONIDA brand of consumer durables, is eyeing Rs 1,200 crore business in two years, a senior company executive said today.

The company expect LED Television (flat panels) and the air-conditioner business to drive its growth in future, MIRC Electronics Head-Marketing Anand Ramadurai said.

"We are expecting to close this financial year (2011-12) around Rs 500 crore. That is in two years time, we expect to reach Rs 1,200 crore...," he told reporters here after unveiling the new range of air-conditioners.

In 2012-13, he said, the company wished to reach around Rs 750 crore to Rs 800 crore revenues and by 2013-14, Rs 1,200 crore and hoped its commercial air-conditioner's business would predominantly drive its growth in achieving this.

"Right now the contribution from commercial segment is around two to three per cent. We expect it will reach around seven to eight per cent in two years...," MIRC Electronics Air-conditioner division, Product Head Shankar Subramanian said.

"We are planning to spread our base in that particular (commercial) segment, this year...," he said.

Besides, the company has also chartered out plans to increase its market share by five per cent to 15 per cent in two years.

The total size of air-conditioners market was 2.4 million and Onida expects to complete this financial year by retailing 3.8 lakh units across the country, he added.

Some of the major markets for Onida's air-conditioning business was Tamil Nadu, Andhra Pradesh, Kerala, Gujarat, Punjab and New Delhi, he said.