Consumer electronics company Panasonic is reportedly aiming for ₹12,300 crore revenues in India this fiscal year.
The Japanese company is said to make the revenue from its refrigerator and TV businesses. The revenues of Panasonic India were about ₹10,500 crore in the previous financial year. The company is also expanding its B2B business and expects it to contribute almost half of its revenues by Fiscal Year 2020-21.
The company introduced today new models of OLED and 4K TVs in India in order to make its presence stronger in the country. Manish Sharma, Panasonic India and South Asia President and CEO said that this financial year the company is looking at an overall revenue of ₹12,300 crore. “Last year we had closed around Rs 10,500 crore,” he added. This revenue also includes Panasonic’s step-down firm Anchor Electricals. “Our intention is to grow for three years with a CAGR of 20 per cent and this year, we are looking for 30 per cent growth in TV. By FY 2020-21, we expect our B2B business to contribute half of our revenue,” Manish said.
The company is also expecting to double its consumer business in the next three years. Manish said that last year Panasonic had ₹7,800 crore from the consumer business (including Anchor) and the company is now looking to jump at ₹9,100 crore this fiscal year. “Last year, B2B was ₹2,300 crore and this year it is expected to be ₹3,200 crore,” added Manish who is also vice president of Appliances Company, Panasonic Corporation. While in the mobile market the company is struggling, it will only focus on the niche segment. “We are looking at ₹800 crore this year and the strategy in mobile is to focus on niche segment of ₹9,000 and above,” said Manish.
Furthermore, the company is expecting 25% share of its sales in the TV segment for its 4K range of televisions. Manish said that this year the company is looking forward to sell 1.2 million units which will contribute to 11-12% of value share. “From less than one million units last year, we are looking up to 1.5 to 1.6 million unit in next three years” Manish added.
Manish also added that the TV market is growing at around 10% every year and might touch 14 million units this year. Currently it is estimated to be about 12.5 million units.