Mirc Electronics launches New Smart Inverter ACs, Aims Revenues To Grow 700 cr

Mirc Electronics Ltd, which also owns the Onida brand, is enthusiastic to increase its revenues from Its AC segment to about Rs 720 crore with the launch of fresh range of 84 inverter air conditioners.

The air conditioners (AC) segment contributed Rs 346 crore, accounting for 46% of the total sales of the company in FY17.

The statement issued by the company claimed the new range of air conditioners to deliver 170% faster and powerful cooling along with 65% savings in energy bills.

The new air conditioners are IOT (Internet of Things) enabled, which allows the user to control the AC through a smart phone from anywhere in the world.

The company said it is expecting its air conditioners business to grow to Rs 1,500-1,600 crore in the next five years, based on the assumption of overall market size of the ACs in India to grow to 20 million by 2022 from 5.6 million now.

Mirc Electronics CEO G Sundar said, "We currently have a market share of 8% in the split air conditioners, which would grow to double digits in the years come, on account of increasing demand for air conditioners in the country."

He further said affordability of the consumers and increasing global warming are the biggest growth drivers for increasing volumes in air conditioners in the country.

The AC makers in India include players such Voltas, Blue Star, Godrej, Videocon, Lloyd, Onida, Daikin, Hitachi, Carrier and Whirlpool, among others.