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.
