Leading power product marker Microtek aims for nearly 23 percent growth in the current financial year with a turnover of around Rs 1,600 crore, led by its inverter and other businesses, said a top company official. The company, which currently has around 40 percent market share in the inverters and home UPSS, aims to corner around 50 percent market share in the fast-growing segment in the next two years, said Microtek Deputy Chairman and Managing Director Saurabh

The financial year ended on March 31, 2021. Microtek's 55 percent revenue came from its inverter and home UPS business and the rest from other verticals, he said Gupta.

Besides, the company has also diversified into other segments such as e vehicle chargers (for e-rickshaw), healthcare products & solutions, solar products, stabilizers. It is currently investing around Rs 200 crore at a new plant at Baddi, Himachal Pradesh, to augment its production capacity and meet future demands.

"In terms of turnover, we expect to touch around Rs 1,600 crore (approximately). In FY21, the figure was Rs 1,300 crore," Gupta told PTI.

Source: PTI