Published by: Mohammad Haris
Latest version: December 04, 2023, 4:55 PM IST
Consumer electronics maker Sony India’s 2022-23 profit rose 31.8 percent to Rs 136.7 crore and its income from operations rose 23.1 percent to Rs 6,353.74 crore, according to financial data accessed by business intelligence platform Toffler. Sony India, a wholly owned subsidiary of Japan’s technology major Sony Corporation, posted a profit of Rs 103.71 crore in the financial year ended March 31, 2022, while its income from operations was Rs 5,161.23 crore.
Commenting on the performance, Sony India Managing Director Sunil Nair said PTI, “it’s driven by premiumization” on its offerings. “Now FY24 looks very promising and we expect 15-20 per cent price growth and profitability is also going to be good,” he said, adding that premium TV sets of 55 inches and above will be the “growth driver”.
Sony India witnessed a decline in revenue after its parent company 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 onwards, Sony India’s revenues stabilized and started reporting positive growth numbers. “We were trying to come back. Now India’s premium market has finally evolved,” said Nair. “We are sewing a growth story, growing both the top line and the bottom line and bringing new products and innovations to the country.” Sony India’s total revenue also grew by 23.17 percent to Rs 6,404.54 crore in FY23. It was Rs 5,199.75 crore a year ago. Its total expenditure rose by 23.07 percent to Rs 6,225.87 crore in FY23 from Rs 5,058.57 crore in FY22.
According to Sony India, “The company’s TV business continued to grow in post-Covid FY22, and large screen expansion was the main contributor to its overall growth, thanks to the transition to large screens in the market where we maintain our dominance, and our XR processor, which is part of the Google TV platform. along with enhancing both picture and sound.” Its audio business had a mixed performance and its growth momentum continued with OTT expansion. The headphone business maintained its position due to very tough competition, however, it dominated the active noise-canceling headband segment in FY23. was
Its digital imaging business, under which it sells cameras, had a “strong momentum”, helped by its dominance in the wedding market. Its gaming business also continued to grow, given a deficit, it said.
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