Panasonic Energy India Company turns around operations and reports a profit for FY23-24

Panasonic Energy India Co. Ltd. (PECIN) a part of Panasonic Holdings Corporation today, announced the audited standalone results for the financial year ended on March 31, 2024. The company reported a revenue growth of 15.45% over last financial year and 198% increase in profit after tax (PAT). These numbers are a result of cost efficiency initiatives, benefits accruing from consolidation of operations in FY22-23 and reduction in cost of raw materials turning the operations profitable this year.

Speaking on the occasion, Mr. Akinori Isomura, Chairman and Managing Director Panasonic Energy India Co. Ltd. (PECIN), said, "We have been focusing on long-term sustainable and profitable growth for the company in India. Hence, we took on a restructuring and consolidation activity in FY22-23. I am delighted to report that our strategy was in the right direction as we recorded the highest ever revenue growth for the company. As per industry estimates, our growth rate is currently double then the industry CAGR and we aim to increase our market share by 2% annually year on year by implementing various initiatives to enhance service levels for consumers. This includes data driven sales management and expanding our distribution network into rural and deep rural markets. Furthermore, we are expanding our presence on e-commerce platforms and in retail outlets to better serve our customers.

He added, "India, one of the fastest-growing major economies in the world and the dry cell battery market here is witnessing steady growth, driven by increased demand in various sectors such as consumer electronics, automotive, and industrial applications. Hence, we are committed to reaching a broader and more diverse audience through strategic digital initiatives while ensuring we engage with them effectively and meaningfully while upholding our brand motto, "Protect what matters"."

The PECIN factory in Pithampur (Madhya Pradesh) is a Carbon Neutral Factory and has received a Certificate of Verification Carbon Unit (VCU) Retirement from Verra. Additionally, it has been certified by the International REC Standard. The wastewater treatment at the factory results in zero discharge of wastewater and furthermore, 50% of factory land has a forest cultivated by PECIN. In the view of further Co2 reduction company is focusing to expand installed solar capacity and install energy efficient utility equipment. At present, company uses approximately 6% recycled materials in their products which is in-line to the direction of 3R (Reduce, Reuse Recycle). The company invests in Corporate Social Responsibility initiatives in line with Schedule VII of the CSR bill.

On manufacturing front, PECIN aims for better quality of human life and preservation of the planet. Majority of the products manufactured by the Company are eco-friendly in nature with no addition of (Mercury) Hg, (Cadmium) Cd, (Lead) Pb. Company's manufactured products are compliant with the limits set by RoHS Directives (EU) 2015/863. Currently, the product portfolio is around 87% zinc carbon batteries and 5% alkaline batteries, 5% rechargeable batteries, and 3% Lithium coin batteries.

Shares of PANASONIC ENERGY INDIA COMPANY LTD. was last trading in BSE at Rs. 498.10 as compared to the previous close of Rs. 511.75. The total number of shares traded during the day was 8149 in over 282 trades.

The stock hit an intraday high of Rs. 529.00 and intraday low of 490.00. The net turnover during the day was Rs. 4119865.00.

Source : Equity Bulls

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PANASONICENERGYINDIACOMPANY INE795A01017 Q4FY24 FY2024 ResultUpdate FY24