Companies

Panasonic India eyes 10% growth this fiscal year

Meenakshi Verma Ambwani New Delhi | Updated on November 24, 2021

(From left) Masafumi Himeno, Divisional Managing Director, Smart Factory Solutions, Panasonic India, Mr. Manish Sharma, CEO, Panasonic India, Mr. Manish Misra, Chief Innovation Officer, Panasonic India (IIC) and Mr. Atsushi Motoya, Head, India Innovation Centre, Panasonic India

Panasonic India launches industrial smart-factory solution

Panasonic India, wholly-owned subsidiary of Panasonic Corporation, expects to close FY 21-22 with total revenue of about ₹9,600 crore, up 10 per cent against the previous fiscal, backed by double-digit growth in its consumer appliance business. This includes revenue of all its group companies including its B2B business. The company had clocked a revenue of ₹8,723 crore in FY 19-20.

The Japanese major on Wednesday launched its industrial IoT and smart-factory solution called Miraie Profactory platform, which has been developed indigenously at its India Innovation Centre. The company said the solution enables manufacturers to create economies of scale by enhancing production efficiency.

Panasonic experiences recovering revenue

Talking to mediapersons, Manish Sharma, Chairman and CEO, Panasonic India said that the company’s revenue is nearly back to pre-pandemic levels. “Overall, we expect to garner a double-digit growth of about 10 per cent and close the current fiscal year with a revenue of about ₹9,600 crore,” he added.

Also read: Panasonic India aims to double AC business in the next three years

“Demand trends for air-conditioners, washing machines and refrigerators have been strong. Supply-chain pressures due to panel shortages created a lot of opportunity loss in the last three to four months in the TV segment. But except the TV segment, all other appliance segments have been witnessing strong growth momentum,” he added.

The consumer durable industry has been facing inflationary pressures but Sharma hopes these pressures will ease out in coming months. “We have had to hike prices twice during this calendar year. Commodity and logistics costs have been very high. But I believe they have already reached the peak and I am optimistic that from here on, the situation will improve,” he added.

Smart solution to increase productivity

Talking about the launch of the company’s smart factory solutions, Sharma said pilot projects have shown its potential to increase manufacturing facility productivity by 8-15 per cent. It has already been deployed at Panasonic Technopark, Jhajjar, Haryana

Also read: Panasonic India elevates Manish Sharma as Chairman

“Panasonic’s Miraie Profactory platform aims at empowering enterprises who are in the process of digital transformation. The solution has been developed indigenously, priced competitively and, incorporates Panasonic’s strong industrial know-how and expertise of manufacturing. It has strong potential to help Indian and global manufacturers looking for a connected shop floor and an ecosystem with new-age technology that helps them manage end-to-end operations to ensure enhanced production efficiency and quality,” he added.

Under the PLI scheme for white goods, the Japanese major recently received approval for two investment proposals worth ₹300 crore for making various components including compressors and will be invested over the next five year period.

Published on November 24, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like