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Panasonic Mulls Hiking Mobiles Prices on Rupee Woes

Following a continuous fall in the rupee’s value against the US dollar, Panasonic India on Thursday said it is mulling to raise prices of mobile phones and consumer appliances in the range of 5-7 per cent post festive season.

“Post Diwali, if the situation of exchange rate continues where it is or beyond 72 (against USD) then there will be a price increase to the extent of 5-7 per cent which will happen in the market. That’s inevitable,” Panasonic India and South Asia President and CEO, Manish Sharma told PTI.

The rupee on Thursday hit a record low of 74.50 against the dollar in early deals. Sharma, who is also the president of industry body Consumer Electronics and Appliances Manufacturers Association (CEAMA), said there is significant impact of rupee depreciation.

“Fundamentally, our objective, especially when we look at first week of November, (is) to ensure that festive season goes with vibrancy… so (currently), we are not making any price (hike), not only in mobile phones but also in consumer appliances,” Sharma said.

He, however, clarified that he is not sure about other companies but “for Panasonic it seems inevitable“.

The Japanese consumer electronics major is aiming revenues to the tune of Rs 12,300 crore in India this fiscal, driven by its refrigerator and TV businesses. The company expects mobile business segment to contribute around Rs 800 crore to its revenue in current fiscal.

Panasonic India reported revenues of about Rs 10,500 crore in the previous financial year. The company also expects its B2B business to contribute almost half of its revenues by financial year 2020-21 as it is expanding its presence in the segment. – The Hindu Business Line

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