Friday, 13 January 2017

Panasonic sticks to sales target despite demonetisation


Japanese consumer electronics major Panasonic will stick to its target of clocking Rs 10,800 crore revenue in India this fiscal despite taking a 20 per cent hit in sales for November and December on account of demonetisation. In the previous fiscal, the company had posted sales of Rs 8,700 crore. "Approximately, in November and December, sales were down by about 20 per cent versus the forecast," Panasonic India & South Asia President & CEO Manish Sharma told PTI, when asked about the impact of demonetisation. 

"We'd catch up with it in the fourth quarter. We are not revising our annual forecast. It still remains the same." The company is expecting sales of cooling products to pick up from February which would be one of the growth drivers.

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