Panasonic India aims for 14% revenue growth in FY24

New Delhi: Appliance and consumer electronics maker Panasonic Life Solutions aims to achieve a 14 per cent revenue growth in FY24, led by its large appliances, according to the company's chairman, India and South Asia, Manish Sharma.

The company is expecting to close the current financial year with a revenue of Rs 11,000 crore and double-digit growth, he said.

Besides, the company is also expanding its product portfolio in large appliances like refrigerators, room air conditioners and some other segments such as cameras.

"Overall we are doing well. We are having double-digit growth in terms of revenue. We might end this financial year close to Rs 11,000 crore," said Sharma.

This is putting all the three verticals of Panasonic in India -- appliances, B2B and switch and wire businesses (Anchor) -- besides other small entities, he said.

When asked about the next fiscal, Sharma said: "We are again targeting double-digit growth between 13 per cent and 14 per cent.

This would largely be led by volume and sales growth as the commodity inflation is softening, he added. According to him, the average impact will go down as commodity prices soften.

The growth will be led by ACs, for which he expects a great demand this season due to expected intense summers.

"I am hoping for a robust first quarter for AC, the category which will lead the revenue growth and then we are also expanding the portfolio of refrigerators, where we are bringing in new series of Prime Plus and Prime Fresh, which would be customised series designed for India," he said.

The company is also expecting growth from washing machines businesses, where it has extended its AI platform Miraie to some offerings of the segment.

"I believe that all the large appliances category will lead the growth for us," he said.

Besides, the company is also expanding its market in India.

In FY23, the company expects 35 to 40 per cent contribution from appliances, 30 per cent from devices business like Anchor (switches and wiring business) and the remaining from its B2B verticals such as display solutions, automotive, batteries (energy storage) and industrial products.

Panasonic India business contributes less than 3 per cent of the global revenue of the Osaka, Japan-headquartered firm.

While Panasonic Life Solutions, expanding its offerings into the camera business Lumix, the company on Monday introduced new hybrid full-frame mirrorless camera LUMIX S5II. Its body has been priced at Rs 1,94,990 and will be available across Lumix Lounges, Panasonic Lumix 4K Zones and dealer network across India. According to Sharma, presently India contributes less than 3 per cent of overall Lumix's global sales, however, this business is "significantly" growing.