MIC Elec forays into Australia’s LED mkt
MIC Electronics has entered the Australian market in the LED lights segment and has been awarded three councils with a total capacity of 100,000 lights. The company will supply 30% of total capacity.
Speaking on the company s future prospects, its MD and CEO, MV Ramana Rao said its focus is mainly on green energy applications LED lighting only. We want to be one of the key players in the globe, he said.
On the issue of the fall in the company s revenue in the last quarter, Rao said the fall was due to recession and an order that was lost in the US. He, however, added that the company has now bounced back. “We are again getting orders from the billboard market in the US.” The company, he added, enjoys a monopoly in displays with respect to orders from the railways.
Here is a verbatim transcript of the exclusive interview with MV Ramana on CNBC TV18. Also watch the accompanying video.
Q: Let s address this expansion plan to Australia, because you are in the LED market and Australia is a new one for you. You ve already diversified across US and Europe. What sort rolex watches of market opportunity does this rolex watches present for you?
A: Our focus is mainly green energy applications, LED lighting only. Except LED lighting we are not doing anything, and LED displays of course. We want to do these two and we want to be one of the key players in the globe. In fact, we have entered in so many markets especially in corporates and government segments, gun force pumps, Hindustan Unilever, Ford Motors, Maruti, Mahindra and Mahindra and are doing all outdoor street lights with and without solar. All range from 40 watts to 300 watts street lights. Recently, we entered Indore as well, only three products, including downlight and tube light, where we can apply these to segments like textile, spinning and pharma market.
Q: Even in the last quarter your profit has fallen from Rs 25 crore year ago to Rs 11.5 crore. Your revenues also fell rather sharply almost 50% from Rs 93 crore to Rs 60 crore. What kind of numbers do you think you can notch up for FY10?
A: That fall was because of recession and an order that we lost in the US. We have now bounc rolex watches ed back. We are again getting orders from billboard market from the US; lots of sports are doing very well. Of course railways is another massive segment where we are enjoying a monopoly in displays. We have an order book of more than Rs 175 crore as of now, including recent orders in displays and lighting alone except SLM. SLM is a bad story. Because of this growth and also the focus on only these two segments is giving a lot of mileage. We are really surprised. In recession we are doing well and there is a lot of encouragement because of green lighting, and huge savings of rolex watches power of 65%.