Panasonic Life Solutions India is aiming to increase its share in the country’s air-conditioner market to 10% in the next three years, from 7.5% currently, its Chairman Manish Sharma said on Wednesday.
Speaking to FE at the company’s Jhajjar facility, Sharma said that Panasonic is witnessing a good demand for its consumer appliances, led by ACs. The consumer appliances make up to 30-35% of the company’s revenue.
In FY25, Sharma said that the company witnessed an all-time high growth of 47% in its residential AC business.
This year, Sharma said he expects the demand for ACs to increase around 25% in the country.
Around half of the company’s revenue comes from its electrical equipment business. This includes the products under the brand name Anchor, which it acquired in 2007.
The rest 15-20% comes from its B2B business, which includes smart factory solutions, etc.
In FY25, Sharma said that the company’s total revenue is likely to touch Rs 11,000 crore, around 9-10% higher than the previous year.
“This year, we are looking at a 10+% year growth,” he said.
Sharma also said that the PLI (Production Linked Incentive) scheme has helped the AC makers to improve domestic sourcing of components to around 65%. Prior to the launch of PLI, this stood at 20%.
“I am sure in the next two years, we will hit 80-85%,” he said. However, till then the industry may witness a few shocks.
Sharma also said that if the demand continues to be significantly higher than the supply this year as well, then AC companies may go for a price hike. However, he added that Panasonic has no such plans yet and is safeguarded at least till the end of May.
Panasonic India also launched an experience centre to showcase its end-to-end smart home solutions at its Jhajjar facility, for B2B clients.