Panasonic India targets 10% growth in FY22 – The New Indian Express

Through PTI

JHAJJAR: Diverse tech company Panasonic is targeting 10% growth and nearly Rs 9,600 crore revenue for this fiscal year in India, helped by growth across all verticals and rising prices, a senior company official said.

The company had recorded a turnover of Rs 8,723 crore in the last financial year.

The company has seen good sales growth so far this fiscal year in all segments, helped by pent-up demand.

However, the LED TV section has fallen behind due to panel downtime for the past 3-4 months, said Manish Sharma, CEO of Panasonic India.

“So TV is not growing because of these factors, but all home appliances are experiencing double-digit growth, and the overall growth of the company will exceed 10%,” Sharma said.

Asked about the expected numbers, he said: “This year we are looking for around Rs 9,600 crore”.

The company has already returned to pre-pandemic levels in terms of revenue and volume.

Meanwhile, Panasonic has also ruled out any immediate price hikes and said it expects inflationary pressures to ease somewhat from December.

Cost pressures are high due to increased logistics, supply chain pressure and soaring commodity prices, according to Sharma.

However, he believes that some of the items have almost hit their cap which will either stay there or go for a correction.

In 2021, like many others, Panasonic also increased prices twice to maintain margins.

Asked about business so far this year, Sharma said he was getting good traction from cooling products like air conditioners, where he was gaining market share.

While sharing an update on his plan to merge Panasonic Life Solution with the company, he said, “It will be one company as soon as we get formal approval from the authority, but internally we have already created virtual operations from October 1, 2021. “.

This will help deliver consolidated offerings to Panasonic consumers and institutional buyers.

Currently, B2C sales, including its Life Solution business, contributes 76-78% and the rest comes from B2B.

Developing its B2B activity, Panasonic on Wednesday launched the Miraie Profactory platform, an industrial IoT / Smart Factory solution, developed locally at the company’s Indian innovation center.

According to Sharma, this would help different small and medium businesses to upgrade, as the platform is compatible with different types of machines in the manufacturing space.

It will enable Indian manufacturers to digitize their factory operations, enabling companies to realize the true potential of Industry 4.0.

Miraie Profactory uses new era technologies such as cloud, IoT, analytics, mobile app to manage end-to-end operations, improving production efficiency and quality.

“In our pilot projects, we have seen an 8 to 15% increase in the productivity of the manufacturing facilities. Panasonic’s Miraie Profactory platform aims to empower companies undergoing digital transformation, ”said Sharma.

In fiscal year 2019-2020, Panasonic’s consumer business contributed Rs 3,738 crore and Panasonic Life Solution 3,926 crore.

Panasonic Appliances India Company was at Rs 252 crore, while the remainder Rs 807 crore came from its B2B business.