How Panasonic is looking at a turnaround in India
After a tepid growth in 2018, Panasonic India is betting on its B2B business to boost India revenues.
In FY19, Panasonic India revenues grew to Rs 10,300 crore from Rs 10,200 crore in the previous year. Over 75 percent of these revenues came from consumer-oriented businesses such as Smart TVs, washing machines, air conditioners, refrigerators etc. all of which saw extremely slow growth given high competition from Chinese brands such as Xiaomi.
For the next fiscal, the company has set an ambitious target to clock a revenue of Rs 12,000 crore. For this, Panasonic is consolidating its units in India to ensure it can better counter the Chinese aggression both in B2B as well as B2C sales.