Panasonic India revenue dips 10% in FY19; company to enter IT infrastructure management

KOLKATA: Panasonic Corp revenue from the Indian market dipped for the second consecutive year with Japan’s leading consumer electronics maker facing intense competition in the smartphone and television markets, and consumers shifting to buy value for money Chinese and online focussed brands amidst an economic slowdown.

As per Panasonic India’s latest regulatory filings with the Registrar of Companies (RoC) accessed through business intelligence platform Veratech Intelligence, revenue from operation dropped 10.6% year on year in 2018-19 at Rs 4,758.62 crore, while its net loss more than tripled at Rs 459.58 crore against Rs 131.88 crore in FY18.

The company in its filings said sale of products in FY19 has dipped vis-à-vis last year, while the proceeds from sales of services has increased by 22% as compared to last year. It said the operation of the company was affected during the year “due to certain internal and external factors and risk scenarios.”