Panasonic India, the flagship company of Japanese electronics maker Panasonic in the country, broke even in 2016-17, posting Rs 72.2 crore net profit as per its latest regulatory filings with the Registrar of Companies (RoC), reported Economic Times.
The company’s consumer electronics, home appliances and automotive businesses turned profitable in the fiscal, leading to overall profitability in its ninth year of operation after making a re-entry into the Indian market. Panasonic India had recorded net loss of Rs 42 crore in the previous year.
In FY17, its total income grew 14.4% year on year to Rs 5,589.9 crore, driven by television and white goods business that contributed Rs 4,997.1 crore. Panasonic India CEO Manish Sharma said the company’s expansion into smaller towns, growth in televisions, washing machines, microwave ovens and B2B products led to the revenue growth in FY17, which in turn contributed to overall profit. “Further the sale of high-end products such as large screen TVs had also seen an uptick adding to the profit,” he told ET.