🔋MIC Electronics Ltd (Nse : MICEL ) : CMP – 42.60

🔋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%

www.aasthafintech.com

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