Panasonic Life Solutions is looking to maintain sales and revenue growth this year even as it aims to not compromise on profitability. Setting aside the impact of Covid-19-led lockdown, the company is looking to grow at 10-15 per cent in terms of sales and hopes to maintain the same level of profitability as of last year which was at 23 per cent. The company is also looking at launching new products for the real estate segment through its Anchor brand.
“While the month of March was a shocker for us, April was really painful due to the sudden lockdown due to Coronavirus. However, from May onwards we started seeing signs of recovery and in June and July we have been witnessing similar growth rates as seen in the same period last year. Although the market has been hit and has seen a growth of 7-8 per cent, our company’s sales have grown 15 per cent in the last two years,” said Vivek Sharma, Managing Director, Panasonic Life Solutions India.
The company launched its new range of modular switches called Ziva targeted at consumers looking to upgrade to a new and defining lifestyle on Wednesday. The new range of switches is for consumers from the smaller towns and tier-2, 3 and 4 cities. The company has invested around Rs 20 crore in the manufacturing of Ziva and it hopes to attain a revenue of Rs 500 crore annually in the next two years from this category although it is cautious of getting a revenue of Rs 100 crore in the current fiscal.
In terms of market share, the company with its Anchor brand holds a share of 35-36 per cent in this segment and its overall brand – Panasonic Life Solutions – holds 40 per cent market share in the wiring device market. The company already has seven units in India and has invested in Sri City in Andhra Pradesh which will cater to the Southern and Eastern markets and according to Sharma it has no plans of unveiling new plants for the next two years.-Telangana Today