Sony Getting Strong Growth in India, May Get More than USD 1 Billion Revenue

The business of Sony, one of the big consumer electronics companies, is growing rapidly in the country. Sony’s consumer electronics business can achieve a revenue of one billion dollars in the current financial year. Over the past few years, Sony has diversified its business beyond television.

In a media report, Sunil Nayyar, Managing Director of the company’s unit in the country, has been quoted as saying that the demand for expensive products in consumer electronics is increasing rapidly. Sony Revenue of Rs. 10,000 could create a record. He said, “In the last two financial years, the company has achieved a growth of about 20 percent in revenue on year-on-year basis. The company is getting strong growth from televisions as well as audio products, imaging and gaming. The company’s annual revenue could exceed one billion dollars a year.” In the last financial year, the company’s revenue in the country was about Rs 7,664 crore (about $90 crore). Television plays a major role in Sony’s revenue. However, the company’s performance in the smartphone business has been weak.

Sony Corp’s motion picture and entertainment business is not included in this revenue. The company had increased its forecast for total revenue and profit of the international business for the current financial year. The company’s music and software divisions performed well in the first quarter. The company’s operating profit for the quarter ended June increased to JPY 279.1 billion (about $1.9 billion). It was about JPY 253 billion in the same quarter last year.

The company had said that in this financial year its sales could be JPY 12.6 lakh crore and operating profit could be JPY 1.3 lakh crore. Sony’s PlayStation division found it easier to increase sales through first-party and online multiplayer games such as Helldivers 2. However, the company benefited most from better exchange rates. It sold 24 lakh units of PlayStation 5 console in the first quarter. However, this was well below analysts’ forecast of sales of 3 million units. The company’s music business had the largest share in profit in the first quarter.