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19 May, 2019 19:05 IST
Onida targets 80% growth in washing mashine sales
Source: IRIS | 11 Jul, 2018, 12.38PM
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Onida, a leading Indian consumer durables brand announces the launch of 20 new models for their Washing Machine category to strengthen its Washing Machine product portfolio. This line-up includes glass lid Semi-Automated and Hi-End front load and top load machines with in-built heaters.

The demand for Washing Machines goes up majorly during the monsoon season. There is a greater need among urban, metro and rural consumers to upgrade their machines during this season. Onida (Q,N,C,F)* targets to grow in this category by 80% during the current year generating revenue of Rs 1.60 billion.

Onida has products for all segments across India; however we are primarily targeting the semi-urban and rural segments. Onida has a state-of-the-art Washing Machine plant in Roorkee, wherein we have moulding machines and assembly line for manufacturing Washing Machines. The facility is fully integrated and all the machine is imported from USA and Japan. The plant can manufacture 7.20 lakhs Washing Machines per annum on a three-shift basis.

Vijay Mansukhani, MD, MIC Electronics said, that, "we are pioneers in the segments we are currently operating in like LED Televisions, Air Conditioners and Washing Machines. Our washing machines segment has started growing at good rates for the last two years. Our focus in this segment has been increased and we will do sizable business in the next three years."

Shares of the company gained Rs 2.35, or 8.03%, to trade at Rs 31.60. The total volume of shares traded was 59,092 at the BSE (12.17 p.m., Wednesday).

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