Panasonic India aims 14% revenue growth in FY24; to expand product portfolio

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The company is expecting this current financial year to end with a revenue of Rs 11,000 crore with double-digit growth

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 this current financial year to end with a revenue of Rs 11,000 crore with 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 camera.

“Overall we are doing well. We are having a 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 a double- digit growth between 13 to 14 per cent.

This would largely led by volume 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 AC, in which he expects a greater demand this season due to expected intense summers this year.

“I am hoping a robust first quarter led by AC 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 offering 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, where it expects a double-digit growth.

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