Japan’s Sony’s business grew rapidly in India, can achieve revenue of 1 billion dollars
Sony, one of the largest consumer electronics companies, is growing rapidly in the country. In the current financial year, Sony’s consumer electronics business can achieve a revenue of one billion dollars. In the last few years, Sony has diversified its business beyond television.
A media report quoted Sunil Nayyar, managing director of the company’s unit in the country, as saying that Sony’s revenue can set a record due to the rapid demand for expensive products in consumer electronics. He said, “In the last two financial years, the company has achieved a growth of about 20 percent in revenue on a year-on-year basis. The company is getting strong growth from televisions as well as audio products, imaging and gaming. This financial year, the company’s annual revenue can exceed one billion dollars.” In the last financial year, the company’s revenue in the country was around Rs 7,664 crore (about 900 million dollars). Televisions have a major share in Sony’s revenue. However, the company’s performance in the smartphone business has been weak.
This revenue does not include Sony Corp’s motion picture and entertainment business. For the current financial year, the company had raised the forecast for the total revenue and profit of the international business. The company’s music and software divisions performed well in the first quarter. The company’s operating profit increased to JPY 279.1 billion (about $ 1.9 billion) in the quarter ended June. It was around JPY 253 billion in the same quarter last year.
The company had said that its sales in this financial year could be JPY 12.6 lakh crore and operating profit JPY 1.3 lakh crore. Sony’s PlayStation division found it easy to increase sales from first party and online multiplayer games like Helldivers 2. However, the company benefited the most from better exchange rates. In the first quarter, it sold 24 lakh units of PlayStation 5 console. However, this was much lower than analysts’ forecast of 3 million units sold. The company’s music business had the largest share in profits in the first quarter.
