MIRC Electronics Limited, manufacturer of Onida brand of consumer electronics products, has fared well for the quarter ended June 30, 2008, with 11.25 per cent jump in net profit

The company net sales for the first quarter ended June 30, 2008, was placed at Rs.391.39 crores compared with Rs.446.19 crores for the corresponding quarter ended June 30, 2007. Its other income for the period stood at Rs.23 lakhs (Rs.33 lakhs). After taking into account total expenditure including depreciation of Rs.374.76 crores (Rs.430.80 crores), interest of Rs.5.90 crores (Rs.5 crores), Fringe Benefit Tax of Rs.16 lakhs (Rs 20 lakhs) and taxation including deferred tax of Rs.2 crores (Rs.2.61 crores), MIRC’s net profit has risen by 11.25 per cent to Rs 8.80 crores (Rs.7.91 crores).

On a paid-up equity share capital (face value of Re.1) of Rs.14.19 crores (same), the basic earnings per share work out to Rs 0.62 (Rs 0.56).For the year ended March 31, 2008, MIRC posted net sales of Rs.1528.38 crores and net profit of Rs.34.59 crores.

According to Mirc, the company is poised for accelerated growth through the launch of contemporary models across all categories and supported by an integrated marketing program.

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