MIRC Electronics Ltd

POWER OF TRANSFORMATIVE THINKING

Dear Stakeholders

It is with great pleasure that I present to you the Annual Report of Onida, a testament to our journey of innovation, resilience, and Transformative Thinking. As we reflect on the past year, we are reminded of the power that lies within Transformative Thinking - the ability to envision a future that transcends the status quo and the courage to pursue it.

In a world that is constantly evolving, driven by rapid technological advancements and shifting consumer preferences, the need for Transformative Thinking has never been more critical. It is this mindset that has propelled Onida to new heights, enabling us to stay ahead of the curve and navigate through challenges with confidence.

At Onida, we believe that Transformative Thinking is not just about incremental improvements or minor adjustments; it is about fundamentally reimagining the way we operate, innovate, and create value. It is about challenging conventional wisdom, embracing change, and daring to explore new possibilities.

Over the past year, we have witnessed the transformative power of our thinking in action across various facets of our business. From revolutionizing our product to redefining our customer experience strategies, we have continuously pushed the boundaries of what is possible, driving growth and differentiation in the market.

Keeping in mind the masses and the tremendous humidity our tropical regions encounter season after season, we launched an innovative 1100mm Large Indoor Unit (IDU) Air Conditioner. This Heavy Duty Tropical Inverter Air Conditioner is one of the biggest in the market. The brand assures a maximum cooling experience with these large size units. Similarly, with our recent success in 2 platforms in the Smart TV category (Onida Fire TV and Onida Vidaa TV), we wanted to cover all the areas where users consume content and enjoy their entertainment. Hence, we launched Android and Google TV Platforms - designed to revolutionize the home entertainment experience. Onida's aim was to combine breath-taking picture quality with intelligent features to deliver an unparalleled viewing experience.

Further, we have also strengthened our CRM (Customer Relationship Management) with new deliverables to help us serve our customers better with ease of communication, organized data and improved customer service. All of this will streamline the process of making sure customer needs are met and actions get resolved in a timely manner. Adding further, we have real time & accurate data availability, contact management and high business efficiency with needed analytics.

One of the key manifestations of our Transformative Thinking has been our relentless focus on innovation. By fostering a culture of creativity and experimentation, we have been able to develop ground-breaking products and solutions that resonate with our customers and set new industry benchmarks. Whether it is pioneering technologies, sustainable practices or customer-centric designs, innovation remains at the heart of everything we do.

Moreover, our commitment to Transformative Thinking extends beyond our products and services to encompass our operations, partnerships and organizational culture. We recognize that true transformation requires a holistic approach, one that encompasses every aspect of our business ecosystem. Therefore, we have made significant strides in optimizing our processes, forging strategic alliances and nurturing a diverse and inclusive workplace that fosters collaboration, agility and continuous learning.

As we look ahead, we are excited about the possibilities that lie before us. The world is evolving at an unprecedented pace, presenting us with both challenges and opportunities. However, with our unwavering commitment to Transformative Thinking and our relentless pursuit of excellence, we are confident in our ability to thrive in this dynamic landscape and create sustainable value for all our stakeholders.

In conclusion, I would like to express my gratitude to our shareholders, customers, employees and partners for their unwavering support and dedication. Together, we have started moving towards our goal and I am confident that with our collective efforts and Transformative Thinking, the best is yet to come.