Microtek is geared up for 50 per cent growth in FY 2022-23
New Delhi [India], May 14 (ANI/GPRC): Microtek recently registered a growth of 26 per cent in the fiscal year 2021-2022. The company recorded a turnover of Rs 1700cr in FY 2021-22. Now the company has set the growth target of more than 50 per cent for FY 2022-23.
Whilst, the last two years have seen almost every industry in the world suffer setbacks, due to severe disruptions in manufacturing and supply-chain activities due to the several measures such as lockdowns and other limitations imposed by governments all over the world. However, Microtek has forayed into new segments like healthcare and solar power and expanded its footprint in India as well as an exporter to 20+ countries
The company entered the burgeoning healthcare market of India with the manufacturing of products including blood pressure monitors, nebulizers, thermometers,etc. In order to meet the growing demand for oxygen concentrators, it has also begun manufacturing 'Made in India' oxygen concentrators last year.
Talking about the inflation situation in the country, Saurabh Gupta, Deputy CMD, Microtek International, shared, "The rise in inflation is hurting businesses as it has impacted the discretionary buying capacity of the consumers. If I talk about our industry, the raw material prices, which include both commodities and semiconductors, these have gone up by almost 20 to 25 per cent and are still witnessing a rising trend. The inverter which we were selling at Rs 4,400 is now being sold at Rs 5,200 and we have not passed all the increase to consumers," he added.
Gupta said it is a Catch 22 situation for most businesses in terms of price rise.
"Microtek has invested heavily in R&D. We are constantly innovating, getting new suppliers and new products which are readily available in the market to work with our products. That is one of the way we are avoiding a production loss and are able to supply adequate material to the market or channel," he said.
With its objective to offer world-class products, Microtek has invested heavily in its manufacturing and R&D facilities. The company has state-of-the-art Integrated Manufacturing facilities in Himachal Pradesh and Vishakhapatnam that house various advanced machines like the Automatic Laser Diameter Controller, Online High Voltage Testing Facilities, Fully Automatic Magnetic Test Machines, and other world's best automatic machines.
Talking about the current power crisis in the country, Gupta said that demand for inverters has shot up to three times due to power shortages in different states.
"Very interesting trend is emerging for the power backup industry. This is the first year during the peak summer times when COVID restrictions are not there, industrial activity is at an all-time high, power consumption at home is at an all-time high because of the extreme weather conditions. This has resulted in the increase in the demand of inverters," he said.
Microtek has also ventured into the electrical products segment in 2019. It presently manufactures high-quality wires and cables, circuit protection devices like MCBs, isolators, RCCBs, distribution boards, off-load changeover switches, and rewireable fuse switch units. It also offers various types of voltage stabilizers besides accessories like search operators and multiplugs.
As the globe is moving more and more toward renewable energy, Microtek sees immense potential in the solar energy solutions market. Today the company has the distinction of being one of the fastest-growing solar energy products brands in India.
Microtek offers a complete range of On-Grid & Off-Grid Rooftop Solar Solutions. A measurement of the rapid strides that the company is making in the green energy market, Microtek is implementing more than 40,000 Rooftop sites per year by engaging with its channel partners.
This story is provided by GPRC. ANI will not be responsible in any way for the content of this article. (ANI/GPRC)