Panasonic Life Solutions to double topline to $1b by FY22

Anchor Electricals, the wholly- owned arm of Japanese major Panasonic Corporation that has renamed as Panasonic Life Solutions India, expects to double its revenue to USD 1 billion by FY22. The company has also changed its corporate identity from Anchor by Panasonic to Panasonic.

Anchor became a fully-owned subsidiary of Panasonic in 2007 after a USD 400-million acquisition. Last year its sales grew at 16 percent while profit rise faster at 32 percent. "In FY19, we had a turnover of Rs 3,410 crore and we expect this to touch USD 1 billion by FY22," Panasonic Life Solutions India managing director Vivek Sharma told PTI here.

He said growth will be driven by business-to-business (B2B) and business-to-government (B2G). In the product category, he said, they are looking at lighting and indoor air quality, which will be our big focus areas on consumer side. He further said the company will use the power of both brands--Panasonic and Anchor--in transforming itself from Anchor Electricals to Panasonic Life Solutions and double the revenue to touch USD 1 billion-mark by FY22.

The wiring devices is the most profitable business for the company followed by wires and cables. "The largest contribution comes from wiring devices, which will be around 50 percent of the topline. The second largest business is wires and cables which was worth Rs 850 crore in FY19 and we expect this to cross Rs 1,000 crore this fiscal year," he said.

The other big businesses are lighting, switchgears and indoor air quality segments which are upwards of Rs 300 crore, he added. The company has under 5 percent market share in the lighting and indoor air quality segment, which it expects to double over the next few years.

It has around 4.5 percent share in both indoor air quality and lighting segment, which are respectively of a market of over Rs 19,000 crore, and Rs 20,000 crore. The company, which has earmarked Rs 115 crore for marketing, is also looking at being a hub for exports to Africa, South Asia and Middle East. "Our exports is currently 1 percent and we would like to take it to 10 percent in next five years," he said..