VOEPL Registers Exponential Y-o-Y Growth and Adds a New Manufacturing Facility
#VOEPL #VirtuosoOptoelectronics #ElectronicsManufacturingServices“We need to meet consumer expectations by upgrading and enchanting our manufacturing capabilities as per their requirement. We received projections with increased demand from our customers and have decided to increase our capacities accordingly.” - Sukrit Bharati, MD, VOEPL
November 2022: Virtuoso Optoelectronics Ltd (VOEPL), an emerging manufacturer of high-volume, large-scale production of Electronics Manufacturing Services (EMS) and consumer & industrial products, announced its financial results for the half year that ended in September 2022.
Performance highlights for half year ended September 2022 (H1FY23) vs full year FY22
The company’s revenue stood at Rs 11,252 lakhs in H1FY23 vs Rs 20,017 lakhs in full year FY22.
EBITDA stood at Rs 1561.4 lakhs in H1FY23 vs Rs 1981.3 lakhs in full year FY22.
EBITDA Margin stood at 13.88 percent in H1FY23 vs 9.90 percent in full year FY22.
Net Profit stood at Rs 503.5 lakhs in H1FY23 vs Rs 394 lakhs in full year FY22.
Net Profit Margin stood at 4.48 percent in H1FY23 vs 1.97 percent in full year FY22.
Weighted Average Earnings Per Share (EPS) (adjusted for fund raise / IPO) stood at Rs 3.31 vs Rs 3.11 in full year FY22.
Commenting on the performance, Sukrit Bharti, MD, Virtuoso Optoelectronics Ltd, said “The Company is performing in line with the projected numbers for FY 22-23 and has a complete order book up to June 2023. The 2nd quarter is normally a lean quarter for us, but we have still outdone our H1 numbers of FY 21-22 by more than 50 percent. The company is also due to start operations in its new facility where it is expanding its ODU capacity and taking sheet metal and powder coating in-house to be able to meet the demand of its customers. The company has also completed its committed share of investment planned for PLI investment to be done for FY 22-23. Also, with the new additions to the team of VOEPL, we hope to continuously improve and provide better products and services to our customers. Exciting times lie ahead for the organisation and we are looking to create stakeholder value with sustainable earnings.”
New manufacturing facility: VOEPL has added a new manufacturing facility at Wadiware in Nashik, Maharashtra, reinforcing its commitment towards its customers. Further, this is also in line with the committed investment by the company for the PLI scheme for white goods and LED lighting, for which VOEPL received approval last year.
In addition to the existing manufacturing facilities that manufacture air conditioners (ACs) and EMS / LED lights for renowned brands, the third manufacturing unit of VOEPL will have in-house capabilities of manufacturing sheet metal components with presses ranging from 63T to 310T. The facility will also have a state-of-the-art powder coating setup. The facility will further increase the ODU manufacturing capacity of the company, which is being done in line with the expectations of its customers and based on the received projections. The capacity of making ODU for room ACs will increase to 240,000 per year. The manufacturing facility will also add a tool room for maintenance and upgradation of tools to ensure quick turnaround to its customer and maximum uptime of the tools.
Sukrit Bharati, MD, VOEPL, said, “We need to meet consumer expectations by upgrading and enchanting our manufacturing capabilities as per their requirement. We received projections with increased demand from our customers and have decided to increase our capacities accordingly. We are also increasing backward integration so that we can be competitive and give better service to our customers. The investment incurred for machinery used in this unit is part of the PLI scheme of white goods that the company has got sanction for.”
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