Home appliances and consumer electronics company Panasonic India is on track to achieve Rs 10,800 crore revenue during 2016-17, a growth of over 20 per cent compared to the previous year.
Manish Sharma, President and CEO of Panasonic India notified that this year they have set a revenue target of Rs 10,800 crore against about Rs 8,700 crore last year.
He said the growth has been fuelled by robust demand for TVs and ACs — the two segments that are “engines” of its consumer business.
He further mentioned that televisions have been doing well starting from this financial year and that this year, the industry is witnessing a growth of over 125 per cent driven by enablers like economic growth, and consumer finance.
ACs saw robust demand during summers, Sharma said adding that against an industry growth rate of 7-8 per cent, the segment grew at 11 per cent for the company.
Panasonic India operates across five segments – consumer business, industry business, mobile phones, energy business and system solutions business.
The revenue target of Rs 10,800 crore for Indian operations this year includes Rs 2,500 crore of Anchor Electricals, part of Panasonic Corporation, Sharma said.
For mobile phone business, the company is eyeing revenue of Rs 2,000 crore this year, up 25 per cent over last year.
Sharma notified that through EMS (electronics manufacturing services) partners they have started to manufacture in India – Noida and Manesar – and are also exporting mobile phones from India.
By Baishakhi Dutta