Panasonic eyes $ 1.65 billion revenue this fiscal
Bangalore: Japanese electronics major Panasonic has set a revenue target of USD 1.65 billion in India during this fiscal and will invest Rs 1,500 crore towards expansion in the next three years, a company official said Thursday.
"We have seen very good growth in last few years and we had revenue growth of USD 1.3 billion in FY12-13, we expect it to be USD 1.65 billion during this fiscal," Panasonic India Managing Director Manish Sharma told reporters here.
He said with a studied focus, strong plans and an investment of Rs 1,500 crore towards expansion in the next three years, Panasonic is aiming revenue of USD 3.66 billion by 2015-16.
Stating that Indian arm of Panasonic will continue striving for growth through its B2C business Sharma said, "there will be renewed focus on the B2B and B2G business."
"The key strategy for fueling even more aggressive growth in India is: to accelerate new product developments, reform the business structure through local production & consumption, and pursue autonomous management," he added.
With focus on product development the company has made additions to its existing range of products, while also entering the smartphone segment.
The company in a release said Panasonic will also be introducing new product range mainly in energy solutions, security and surveillance systems and solutions products.
It will also be looking at collaborating with Indian enterprises for the same, the release added.
Stating that the company enjoys 15 percent of the market share in split AC (air-conditioner) business Sharma said "Panasonic plans to invest Rs 120 crore in FY 13-14 in the split AC segment with an aim to capture 20 percent marketshare by the end of this fiscal."
In the TV (flat panel) sector, Panasonic enjoys 9.5-10 percent market share and targets to attain 15 percent by next year. "It has been a tough market for the industry but we are growing faster than market," he said.
Panasonic said it has 12,650 employees, 29 branch offices and 80 P4 (Panasonic Premium Partner Program) outlets spread across the country.