Sony India confident of double-digit growth journey
It expects a 15-20% growth in this fiscal with the trend of premiumisation in the Indian TV and audio market
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Consumer electronics maker Sony India expects a 15-20 per cent growth in this fiscal with the trend of premiumisation in the Indian TV and audio market helping it make a turnaround, a top company official said.
The company’s premium television category comprising screen size of 55 inches and above along with audio products would be the “key growth drivers” for Sony India, as the trend of premium products has evolved in the country, Sony India Managing Director Sunil Nayyar said. “FY24 is also looking very promising. We are looking forward to a growth of 15 to 20 per cent (by value) as an overall company and of course, needless to say, profitability is also going to be good,” Nayyar told.
Sony India, a wholly owned subsidiary of Japan’s tech major Sony Corporation, had recently in a RoC filing reported a 31.8 per cent increase in profit for 2022-23 and its revenue from operations was up 23.1 per cent to Rs 6,353.74 crore. Earlier Sony India was struggling with a fall in revenue after its parent firm exited the mobile phone and laptop business. At its peak, Sony India’s revenue was over Rs 11,000 crore in FY15. However, from FY22, Sony India’s revenue stabilised and started reporting positive growth numbers.
