Panasonic India targets 10% increase in revenue to Rs 9,600 cr

Panasonic India, a wholly-owned subsidiary of Panasonic Corporation, is likely to close FY 21-22 with a total income of approximately Rs 9,600 crore, surged by 10% as compared to the previous fiscal, supported by a double-digit increase in its consumer appliance business. It involves the income of all its group firms including its B2B business. The firm had clocked a revenue of Rs 8,723 crore in FY 19-20. The Japanese major on Wednesday rolled out its industrial IoT and a smart-factory solution called Miraie Profactory platform, which has been developed indigenously at its India Innovation Centre. The firm said that the solution allows companies to generate economies of scale by enhancing production efficiency. Manish Sharma, Chairman and CEO, Panasonic India, told the media that the firm's income is approximately back to pre-pandemic levels. Overall, they anticipate earning a double-digit increase of around 10% and closing the current financial year with a revenue of around Rs 9,600 crore. Demand trends for washing machines, refrigerators and air-conditioners have been strong. Supply-chain pressures because of panel shortages generated a lot of opportunity loss in the past three to four months in the television segment. Talking about the start of the firm's smart factory solutions, Sharma told the media that the pilot projects have displayed their potential to improve manufacturing facility productivity by 8-15%. It has already been used at Panasonic Technopark, Jhajjar, Haryana. Panasonic’s Miraie Profactory platform plans to allow enterprises that are in the process of the digital shift. The solution has been produced indigenously, priced competitively and, includes Panasonic’s strong industrial know-how and expertise in production. It has strong potential to assist Indian and global companies looking for a connected shop floor and an ecosystem with new-age technology that assists them to manage end-to-end operations to guarantee improved production efficiency and quality. Image Source