May miss FY'13 durables sales target by Rs 500 crore: Panasonic
The Indian subsidiary of the Japanese giant Panasonic is likely to fall short by Rs 500 crore from its target for this fiscal in the consumer product division (CPD)."Many segments in CPD were low and some categories even witnessed fall. We may end the current fiscal with a turnover of Rs 5,000 crore as against a target of Rs 5,500 crore," Panasonic India Managing Director (Consumer Products Division) Manish Sharma told said.
However, the turnover of CPD will be much higher in this fiscal than what was in 2011-12, when the company had registered a sales revenue of Rs 3,200 crore, he added. For the overall operations, Panasonic India had announced the target of Rs 10,000 crore turnover for FY'13.
"The microwave sales have fallen very drastically. The industry sales have dipped by around 20 per cent in this fiscal," Sharma said.The company's sales, however, grew by around 16 per cent in the air conditioner segment. "The biggest setback was the TV segment. We had set a target of 45 per cent growth, but we witnessed a rise of only 27 per cent in 2012-13," Sharma said.
When asked about the outlook, he said the company does
not expect improvement in the near future."The current condition in India is very tough. There are some fundamental changes happening in India and consumers are not spending money.
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