Panasonic finally breaks even in India
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.
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.
Incidentally, Sharma had told ET last month that Panasonic Group’s total India business touched Rs 10,200 crore in 2017-18, up from Rs 9,600 crore in 2016-17.
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