- The company might further face revenue decline as brands like Oneplus enter premium TVs market here
- Sony’s sales were highest at Rs 11,010 crore in 2014-15 in India
Sony’s India’s latest filings to the Registrar of Companies (ROC) India have indicated 8.3 per cent decline in revenues in 2018-19. The company was able to clock in revenues of Rs 6,417.52 crores in 2018-19.
Interestingly, the company’s revenues have been fallng since they peaked in 2014-15. Sony, since FY16, has been facing a continuous dip in its revenue figures. Sony India sales were highest at Rs 11,010 crore in 2014-15. Company’s net profit in the Indian market also dipped to Rs 101.15 crore last fiscal. This also represents a 5.9 per cent dip in the net profits.
Many China-based consumer electronics companies have entered the Indian markets in last five years. The famous one being Xiaomi, that is now present in many major consumer electronics categories here. Xiaomi now retails smartphones, smart TVs, headphones, soundbars, air purifiers and many other products in India.
It is also worth mentioning here that Sony may witness further declining revenue figures as the likes of Oneplus, Motorola and Xiaomi foray into the premium TVs category. As a matter of fact, Oneplus is entering the premium TVs vertical with a 55-inch smart TV in September 2019. Sony is one of the major players in the premium TVs category here.
It seems like the Japan based consumer electronics company is now gearing for a big festive season in India. Sony’s India leadership has already announced its marketing budget for upcoming Durga Pooja in West Bengal. It is estimated that Sony will be spending close to Rs 25 crores on advertising, marketing and PR just around Durga Pooja. The company also informed that it aims to clock in sales of Rs 350 crores during the season.
Sunil Nayyar, Managing Director, Sony India, said, “We acknowledge the trust that customers in West Bengal have shown in us. For this Durga Puja, we want to offer the most cutting-edge products bundled with unique consumer promotion offers and easy finance schemes to our consumers. We are confident to make this Durga Puja a memorable one for them and achieve sales of Rs 350 crore during festive season.”