Virtuoso Optoelectronics Ltd (VOEPL), a leading manufacturer of Electronics Manufacturing Services (EMS) and consumer & industrial products, has announced its financial results for the half-year that ended in September 2022.   

Key Financial Performance highlights (Consolidated)

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 per cent." 

He added, "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." 

New manufacturing facility

VOEPL has established a new manufacturing facility at Wadiware in Nashik, Maharashtra, strengthening its commitment towards its customers. In addition, VOEPL received approval last year for the PLI scheme for white goods and LED lighting, which is in line with its committed investment. 

With this third manufacturing unit in practice, the company 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 help to increase the ODU manufacturing capacity of the company. The same is being done while keeping the customers' expectations and received projections in mind. The capacity of making ODU for room ACs will increase to 240,000 per year. The manufacturing unit will also have a tool room for maintaining and upgrading tools to ensure quick turnaround to its customer and maximum operating use of the tools.  

Bharati 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."