MIRC Electronics net profit up at Rs 9.71 cr in March quarter

MUMBAI: MIRC Electronics, the makers of the Onida and Igo brand, on Thursday said it has registered higher net profit of Rs 9.71 crore in quarter ended March 2011 as against Rs 5.19 crore during the previous quarter ended March 2010.

The company's sales rose 45.98 per cent to Rs 574.31 crore in the quarter ended March 2011 as against Rs 393.41 crore during the previous quarter ended March 2010.

For the audited full year, net profit rose to Rs 27.29 crore in the year ended March 2011 as against Rs 18.37 crore during the previous year ended March 2010. Sales rose 27.34 per cent to Rs 1,912.57 crore in the year ended March 2011 as against Rs 1,501.98 crore during the previous year ended March 2010.

"The company's revenue crossed Rs 2,000 crore in 2010-11. The company has done well across all categories and a 28 per cent growth number is a good platform for our future ambitious plans of becoming a billion dollar company in the next 3 years," MIRC Electronics Chairman and Managing Director, Gulu Mirchandani said in a statement here.