Panasonic Energy India Reports Profit for FY23-24

Panasonic Energy India Reports Profit for FY23 24
Panasonic Energy India reports a profit for FY23-24 with significant revenue growth and sustainability initiatives, expanding its market presence and eco-friendly product portfolio.

Panasonic Energy India Co. Ltd. (PECIN), a part of Panasonic Holdings Corporation, announced its audited standalone results for the financial year ending March 31, 2024. The company reported a 15.45% increase in revenue compared to the previous year and a 198% rise in profit after tax (PAT). These results stem from cost efficiency measures, operational consolidation, and reduced raw material costs.

Key Highlights

  • Revenue Growth: 15.45% increase over the previous financial year.
  • Profit After Tax: 198% increase.
  • Operational Changes: Cost efficiency initiatives and consolidation of operations in FY22-23.
  • Market Strategy: Focus on expanding distribution in rural markets and e-commerce presence.

Financial Performance and Strategy

Mr. Akinori Isomura, Chairman and Managing Director of PECIN, commented on the company’s strategic focus on sustainable and profitable growth. The restructuring and consolidation activities undertaken in FY22-23 have proven effective, leading to the highest revenue growth in the company’s history. Mr. Isomura highlighted that their growth rate is double the industry CAGR, with a goal to increase market share by 2% annually.

PECIN is enhancing its service levels through data-driven sales management and expanding its distribution network into rural and deep rural markets. Additionally, the company is strengthening its presence on e-commerce platforms and retail outlets.

Market Context

India’s dry cell battery market is experiencing steady growth, driven by demand in consumer electronics, automotive, and industrial sectors. PECIN is committed to reaching a broader audience through strategic digital initiatives, maintaining effective engagement while adhering to their brand motto, “Protect what matters.”

Sustainability and Manufacturing Initiatives

PECIN’s factory in Pithampur, Madhya Pradesh, is a Carbon Neutral Factory certified by Verra and the International REC Standard. The factory’s wastewater treatment process ensures zero discharge, and 50% of the factory land is cultivated with forests by PECIN. The company is expanding its solar capacity and installing energy-efficient equipment to further reduce CO2 emissions.

Currently, PECIN uses approximately 6% recycled materials in their products, aligning with the principles of Reduce, Reuse, and Recycle (3R). The company also invests in Corporate Social Responsibility (CSR) initiatives as per Schedule VII of the CSR bill.

Product Portfolio

PECIN aims to improve human life quality and preserve the planet by manufacturing eco-friendly products. Their products are free from harmful substances like Mercury (Hg), Cadmium (Cd), and Lead (Pb), complying with RoHS Directives (EU) 2015/863. The product portfolio consists of 87% zinc carbon batteries, 5% alkaline batteries, 5% rechargeable batteries, and 3% lithium coin batteries.

About the author

Avatar photo

Shweta Bansal

An MA in Mass Communication from Delhi University and 7 years in tech journalism, Shweta focuses on AI and IoT. Her work, particularly on women's roles in tech, has garnered attention in both national and international tech forums. Her insightful articles, featured in leading tech publications, blend complex tech trends with engaging narratives.

Add Comment

Click here to post a comment

Follow Us on Social Media

Recommended Video

Web Stories

5 Best Smartphones Under 30,000 in October 2024 : Motorola Edge 50 Pro, OnePlus Nord 4 & More! 5 Best Smartphones Under 25,000 in October 2024: Lava AGNI 3, Motorola Edge 50 Fusion and More 5 Best Mobile Phones Under 15000 October 2024, from Samsung to iQOO 5 Best Camera Phone Under 20,000 in October 2024 10 Best Cases and Covers for iPhone 16 and 16 Plus Apple Diwali Offer: Free Beats Earbuds & Rs 10,000 Cashback on iPhones, MacBook, and More