On Thursday, power products maker Microtek International said its turnover for the financial year ended March 31, 2022, was Rs 170 crore, up 26 per cent. The company statement said that the homegrown company has now set a growth target of more than 50 per cent for the current fiscal year 2022-23 as it expands its product line in existing and new categories. Microtek International’s turnover in FY21 was around Rs 1,350 crore.

The company is one of the leading players in inverters and home UPS. In addition, Microtek is involved in electric vehicle chargers (for electric rickshaws), healthcare products and solutions, solar products, stabilizers, and other fields. Microtek International CMD Subodh Gupta said: “While we will continue to build on these categories to enhance our position in the market further, our focus will be on new categories, including solar, electrical, and healthcare, to meet these Consumer demands in a Category.”

Over the past two years, Microtek International has ventured into new areas such as healthcare and solar and has begun exporting to more than 20 countries. The company entered the fast-growing domestic healthcare market with products such as blood pressure monitors, nebulizers, and thermometers. In addition, Microtek has invested in its manufacturing facilities in Badi, Himachal Pradesh, and Visakhapatnam, Andhra Pradesh.

“We will focus on future export markets as we firmly believe that our products with competitive prices should also be widely available globally,” he said. Microtek also ventured into electronics in 2019. It currently manufactures wire and cable, circuit protection devices such as MCBs, isolators, RCCBs, switchboards, unload transfer switches, and rewireable fuse switch units. In addition to accessories such as searchers and multifunction plugs, it also offers various voltage regulators.

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Additionally, the company sees huge potential in the solar solutions market and is one of India’s fastest-growing solar product brands. Microtek is involved in the solar space with its range of on-grid and off-grid rooftop solar solutions and implements more than 40,000 rooftop sites annually with its channel partners.