Panasonic Electric Works India (PEWIN) is aiming to triple revenue to more than ₹15,500 crore by 2030, a top company executive said. The company is a business unit of Panasonic Life Soultions India, which is part of Panasonic Corporation of Japan.
“In FY22 we had reported net sales of ₹5,180 crore,” said Kato Yoshiyuki, managing director, Panasonic Life Solutions India in an interview. “We are planning to triple the topline by 2030. This will be happening through organic and inorganic growth opportunities and growth in the wiring device business and through exports,” he added. The company had acquired Anchor Electricals in 2007 with an eye on strengthening its India position.
“In the wiring device business, we are the market leaders with market share of 38-40%. We want to take it to 50% by 2030. Our other business verticals which are having market share of about 10%, would see significant market share growth. Our aim is to take it to 15-20%. So we will be investing in other business verticals and with gain in market share, topline will increase,” he said.
Mr. Yoshiyuki said the company was strengthening its position in the South to further gain market share. On this front, it had set up a manufacturing unit at Sri City on the Tamil Nadu-Andhra Pradesh border, with an investment of ₹300 crore. In the second phase, another ₹300 crore would be invested to increase production capacity.
He said PEWIN’s Wiring Device Business Unit would strengthen manufacturing capabilities from 620 million pieces per year in FY23 to 1,000 million pieces per year by FY30.
PEWIN, he said, would use the manufacturing capacity to increase export volumes from India. India, he said, is being created as a global hub of exports to Africa, Middle East and neighbouring SAARC countries.
Currently exports constitute 2% of the total revenue and the target is to take this ratio to 10% by 2030.
PEWIN’s Lighting Business Unit, which currently sources lights from third-party vendors, will start in-house manufacturing of lighting products later this year. This unit is also gearing up to introduce new facade lighting technology in India to broad-base its product and service offerings.
Mr. Yoshiyuki said the company was bullish about its prospects in India where largescale infrastructure spending is underway.
The company has also decided to be a solution-based provider rather than remain product-based.
