MIRC electronics posts subdued quarter

MIRC Electronics reported subdued quarter for Q3FY18 due to declining revenues. The margins over the quarter also weakened further due to high raw material costs.

The total revenue for the quarter declined by 11 per cent yoy and 34.7 per cent qoq to Rs.131 crore in Q3FY18 as compared to Rs.148 crore in previous year corresponding quarter and Rs. 201 crore in previous quarter.

The EBITDA margins for the quarter declined by 270 bps over previous quarter at 6.7 per cent as compared to 9.4 per cent in previous quarter. The EBITDA for the quarter declined by 53 per cent QoQ to Rs. 9 crore in Q3FY18 as compared to Rs. 19 crore in previous quarter. The bottom-line for the quarter also remained subdued due at Rs. 3 crore in Q3FY18 as compared to Rs. 12 crore in previous quarter.

On Monday, the stock of MIRC Electronics closed Rs. 56 mark, marginally up by 0.27 per cent.