Mirc Electronics hits upper circuit, up by 20 per cent

Homegrown consumer durable player, Mirc Electronics Ltd, soared on bourses today after posting its Q1FY18 results on Wednesday. It also attained its 52-week high value of Rs 20.14 per share on the BSE.

The company registered 288 per cent growth in net profit at Rs 4.50 crore in the first quarter ended June 30 as against Rs 1.16 crore in same period last year. However, its sales declined 13.66 per cent to Rs 207.29 crore in the quarter ended June 2017 as against Rs 240.08 crore during the previous quarter ended June 2016. Its EBIDTA margin improved by 185 basis points from 3.47 per cent in Q1 FY17 to 5.32 per cent in Q1 FY18.

The scrip opened at Rs.18.30 and attracted a total traded quantity of 14.01 lakh shares on BSE. It gained 19.95 per cent at Rs 20.14 per share on BSE and was locked in upper circuit.

MIRC Electronics Limited is an electronics and consumer durables company, engaged in the business of manufacturing and marketing of electronics goods under the brand names, Onida and IGO. The stock on yearly basis has given 65.31 per cent returns outperforming BSE Small cap index.