Panasonic to double India revenue by end of FY17

Panasonic India plans to expand its product portfolio and upgrade its distribution network in the country, in a bid to increase its India revenue from mobile phones to Rs 2,500 crore by the end of this fiscal.

“India is an important market and we are seeing strong growth here. This fiscal, we expect to garner Rs 2,500 crore in revenues. We will do this by launching devices across price points, expanding distribution in tier II and III cities and through strong marketing campaigns,” Panasonic India Business Head (Mobility Division) Pankaj Rana said.

The target revenue for the current fiscal is more than double, when compared with Rs 1,200 crore it earned last year from mobile phones.

The Japanese company plans to launch about 25 smartphones for the India market this year, with 15-20 of those slated to be released before Diwali. The devices will in the price range of Rs 3,500 to Rs 20,000. Panasonic will launch its most affordable phone, priced at Rs 3,500, next month, Rana said.

The company has also set a budget of Rs 200 crore for marketing campaigns. Till then, we can just wait and watch!