Power products marker Microtek International on Thursday said it has recorded a turnover of Rs 1,700 crore for the financial year ended on March 31, 2022, registering a growth of 26 per cent.
The home-grown firm has now set a growth target of over 50 per cent for the current financial year 2022-23, as the company is expanding its product lines in existing and new categories, a company statement said.
Microtek International’s turnover in FY21 was around Rs 1,350 crore.
The company is one of the leading players in the inverters and home UPS segment. Besides, Microtek has also diversified into other segments such as e-vehicle chargers (for e-rickshaw), healthcare products & solutions, solar products, stabilisers etc.
"While we will continue to build on these categories to further enhance our position in the market, our focus would be on our newer categories including solar, electrical, and healthcare to serve consumer needs in these categories as well,” said Microtek International CMD Subodh Gupta.
In the last two years, Microtek International has forayed into new segments like healthcare and solar power and also started exports to over 20 countries.
The company entered the fast-growing domestic healthcare market with its range of products including blood pressure monitors, nebulizers, thermometers etc.
Besides, Microtek has also invested in its manufacturing facilities at Baddi, Himachal Pradesh and Visakhapatnam, Andhra Pradesh.
"We shall be focusing on the export market going ahead as we truly believe that our competitively priced products should be vastly available in global markets too,” he said.
Microtek has also ventured into the electrical products segment in 2019.
It presently manufactures 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.
Besides, the company also sees immense potential in the solar energy solutions market and is one of the fastest-growing solar energy product brands in India.Microtek is present in the solar segment with its range of On-Grid & Off-Grid Rooftop Solar Solutions and is implementing more than 40,000 Rooftop sites per year with its channel partners.