🔋MIC Electronics Ltd (Nse : MICEL ) :
Cmp : 42.60
Engaged in the manufacturing of LED Video Displays, high-end Electronics, and Software Development.
🔋Company has developed an electric vehicle (EV) battery charger for e-cycles and two-wheelers.
✍️Company Overview:
🔹Co started its operations with electronic display systems. Later, it forayed into the design and development of telecom products for wireline & wireless communication.
🔹It was ranked 5th in the world at one point in time in the area of true color display.
🔹It has also been a pioneer in the development and implementation of a gamut of products and services in LED Displays, Telecom Software & IT services, and Communication and Electronic products.
✍️Geographical Presence:
🔹Co has subsidiaries in the US and Australia, which provide direct access to North American and Australian markets.
🔹Post InfoSTEP acquisition, Co expanded in the US, exporting 23,000 sets of True Colour LED displays to the USA, Australia, the UK, Saudi Arabia, South Africa, and solar-powered street lighting products worldwide.
✍️Product Portfolio:
🔹MIC’s leading products, essential installations in Sports Stadiums, Transportation Hubs, Digital Theatres, Theme Parks, Advertisements & Public Information Displays.
🔸LED Display Products: Indoor and outdoor displays, end-to-end solutions, and application-specific displays.
🔸LED Lighting Products: Street, railway, solar, industrial, commercial, and domestic lighting solutions.
🔸Batteries
🔸ICT Products: Display, telecom switch, network management, computer telephony, wireless and wire-line telecom equipment.
🔸Oxygen Concentrator: manufacturing and supplying oxygen concentrators with a 10 LPM model.
✍️Revenue Bifurcation in 9M FY24:
🔹LED: 71%
🔹Automobiles: 27%
🔹Medical and Others: 2%
✍️Clientele:
🔹Co has clientele like Air India, BSNL, BHEL, LIC, MTNL, Indian railways, Procter & Gamble, L&T, IDBI Bank, Reliance Industries,Port of Visakhapatnam, Bharat Electronics, Delhi Metro Rail corporation Ltd, Maruti Udyog are among others.
✍️Key Metrics:
🔹M Cap: ₹942 Cr
🔹P/E: 194
🔹CMP: ₹42.5
🔹ROCE: 1.41%
🔹EVEBITDA: 110
🔹Debt to equity: 0.17
🔹3 Years Sales Growth: 131%
✍️Q2FY24 Financials Highlights:
🔹Revenue at ₹10.31 Cr⬆️25% QOQ &⬆️395% YOY.
🔹OPM stands at 29.10%, compared to -25.0% YoY.
🔹Company reported Net Profit of ₹8.80 Cr. which includes Exceptional items of ₹6.62 Cr.
🔹TTM EPS at ₹0.52
✍️Key Highlights:
🔹Co has developed an electric vehicle (EV) battery charger for e-cycles and two-wheelers, which will be launching soon, with commercial operations starting in March 2024.
🔹Co is currently in the process of developing high-power-rated EV Battery Chargers.
🔹Co has divested its total investment in the subsidiary, M/s. Bikewo Green Tech Pvt Ltd, on November 11, 2023.
🔹The primary source of revenue for the company is derived from the Indian railways sector.
🔹Company’s planned R&D budgets are designed to enhance production facilities, fast-track product development, and diversify into new segments.
✍️Industry Outlook:
🔹The electrical equipment market in India is set to grow at a CAGR of 11.68% from 2022 to 2027, reaching a market size increase of USD 52.97 billion.
🔹The Indian EV charger market is forecasted to surge with a CAGR of 46.5% from 2022 to 2030, primarily fueled by the increasing demand for fast charger and type-2 installations.
🔹Demand for high-quality micro-LED displays is soaring, driven by commercial, industrial, and automotive sectors, with the market projected to skyrocket from USD 43.62 million in 2022 to USD 7.51 billion by 2028, boasting a remarkable CAGR of 135.88%.
✍️Key Strenghts:
🔹Co’s core strength lies in Technology and Product innovation, particularly in LEDs, communications, and Embedded Electronics.
🔹Leveraging its extensive experience in LED Display and mini/micro-LED TV products.
🔹Co’s core strength lies in Technology and Product innovation, particularly in LEDs, communications, and Embedded Electronics.
🔹Leveraging its extensive experience in LED Display and mini/micro-LED TV products.
✍️Future Outlook:
🔹The primary aim of the company is to fulfill its financial commitments by ensuring profitability and maintaining robust cash flow.
🔹Company is expanding its focus to identify profitable business lines beyond its core operations in the Indian Railway sector.
🔹Company aims to introduce contemporary high-end display systems applicable in various urban and rural sectors in India and globally.
✍️Shareholding Pattern:
🔹Promoters: 74.63%
🔹Retailers: 25.37%
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