- Advertisement -
HomeBusinessMicrotech aims for turnover of Rs 1,600 crore in the current financial...

Microtech aims for turnover of Rs 1,600 crore in the current financial year

New Delhi, Dec 27 (PTI) Power product maker Microtech has set a business target of around Rs 1,600 crore in the current financial year 2021-22. This is an increase of about 23 percent. A top company official said the growth would be led by the company’s inverter and other businesses.

Microtech Deputy Chairman and Managing Director Saurabh Gupta said that the company currently has a market share of around 40 per cent in the ‘inverter’ and domestic ‘UPS’ market and is aiming to gain market share in the rapidly growing segment in the next two years. is to be increased to about 50 percent.

Apart from this, the company has also diversified into other areas like e-vehicle chargers (for e-rickshaws), healthcare products and solutions, solar products, stabilizers among others. The company is presently investing around Rs 200 crore to increase the production capacity of the new plant at Baddi in Himachal Pradesh to meet the future demand.

“In terms of business, we expect to achieve the level of around Rs 1,600 crore (approx).” Gupta told PTI. In the financial year 2020-21, this figure was Rs 1,300 crore.

He said that for the financial year ended March 31, 2021, 55 per cent of Microtech’s revenue came from its inverter and UPS business and while the rest came from other segments.

“This (financial) year we expect it to be around 50 per cent, as the contribution from other sectors is increasing,” Gupta said.

The company currently has 10 manufacturing units in Himachal Pradesh.

Another unit of the company is going to be set up in Visakhapatnam, Andhra Pradesh.

“We have also invested in the electrical segment, wherein we have a full range of wire and cable and circuit protection equipment like MCBs, distribution boards and RCCBs,” he added.

The domestic inverter and UPS market, estimated to be around Rs 2,000 crore, is growing at the rate of five to 10 per cent annually.

Gupta further added that Microtech had also forayed into the health products and solutions business during the first wave of the pandemic.

.

- Advertisement -
Must Read
- Advertisement -
Related News
- Advertisement -