MIC Electronics Ltd Q1 revenue rises 49.03% to Rs. 67.44 cr

The profits rose to a whopping 45% to 16.65 cr as compared to 11.48 cr in the corresponding period of the previous year. End Quote

(1888PressRelease) October 28, 2010 - Hyderabad - MIC Electronics Limited (B.S.E Code: 532850), global leader in design, development & manufacturing of LED Lighting and LED Displays systems, has posted a 49% rise in its revenues to 67.44 cr for the first quarter ended September 30, 2010 as compared to 45.25 cr in the corresponding period of the previous year.

The profits rose to a whopping 45% to 16.65 cr as compared to 11.48 cr in the corresponding period of the previous year.
EPS was recorded at 1.62 up by 42% as compared to 1.14 in the corresponding period of previous year.

Highlights at a Glance
Quarter ended 30th Sept'10 ( Cr)
Quarter ended 30th Sept'09 ( Cr)
Growth %
Net Sales 67.44 45.25 49
Profit after tax 16.65 11.48 45
Earnings per share (face value Rs.2/-) 1.62 1.14 42

Commenting on the results Mr. M V Ramana Rao, Chairman & Managing Director, MIC Electronics Ltd. said, "This year started on an extremely good note. With Taiwan's Home Resources coming on board MIC will receive a manufacturing impetus to cope with the volume demands. The company has also bagged various orders for the supply of street lights among others with many of them being repeat orders. This has boosted our confidence & helped us perform better than our competitors".
RECENT DEVELOPMENTS DURING THE QUARTER
MIC bags orders worth 4.89 cr
MIC Electronics Limited announced that it has bagged an order from PARRAMATTA EELS NRL CLUB, Sydney, Australia for the second time.

The company announced earlier this year of a 3 year long contract to supply video screen through their solid alliance with Sequity Pvt Ltd. Pleased with the high standard of work process matching the delivery lines PARAMATTA has decided to repeat the order.

In addition to that the MIC also claims about domestic orders worth Rs. 1.09 cr from Corporate Houses for Supply of Indoor energy efficient energy LED lights.

MIC bags orders worth 20.64 cr
MIC Electronics Ltd has secured 17 different orders collectively worth 18.63 Crores from the Indian Railways in the first quarter of FY 2010-11 till date.

Of these 17 projects, most prominent include provision of a Video Train Information Display System for Eastern Railway and of Electronic Train Indication Board for Northern Railway worth 2.78 Crores and 2.54 Crores respectively.
Others include provision of Information Display Systems, Electronic Coach Indication Board and Coach Guidance Display for South Western, Northern, Central, North Frontier and other Railways. These orders range from 20 Lakhs to 1.32 Crores.
The company has also bagged orders from various other players for the supply of street lights. Sterling Gelation would be the first major SEZ in the country to be lit with LED Lights. TVS, in a drive to adopt green & eco friendly technologies has given an order worth 31 Lakhs to MIC Electronics Limited.

MIC Electronics Ltd enters into JV with Taiwan's Home Resources Ind. Co. Ltd
MIC Electronics Ltd has entered into a Joint Venture with Taiwan's leading manufacturer of home lighting appliances leader, Home Resources Ind. Co. Ltd. (HR)

The products covered in the agreement will be a family of LED portable lights that will be ideal for grid based and off-grid based applications with features that include choice of direction and colour of light, provision of FM Radios in addition to product elegance and economy. HR will also provide MIC, manufacturing assistance to MIC to cope with the volume demands.
The agreement envisages manufacture of around 100,000 lights in the next 6 months and around a million in the next 18 months.

MIC Electronics Ltd launches 15 new LED based products
MIC has revealed a set of 5 new LED based products categories .
MIC has planned to launch 5 new product categories with 15 variants in total. The launch of these products & the future expansion plan in phase one calls for Rs170 cr capex which will result in a production level of Rs 350 cr in a full year. The first phase will be implemented at Hyderabad, new unit being set up, followed by Roorkee and Visakhapatnam.

ABOUT MIC ELECTRONICS LTD:
MIC Electronics, an intrinsically R&D driven organization, commenced its operations 22 years back, with LED Displays as its flagship product. The Company forayed into the Telecom domain through several innovative products, realized based on in-house R&D.

A strong Embedded Technology base was created in the Company and several embedded products were developed, produced and delivered by the company. MIC today is laying thrust only on LED Lighting and LED Displays.

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