Panasonic India Eyes Rs 500 crore in Revenues from its Solar Business in the Next 3 to 4 years

In its efforts to become a leading rooftop EPC player, Panasonic Life Solutions, an Indian subsidiary arm of Japan-based Panasonic Corporation is eyeing Rs 500-crore in revenues from its solar business in the country.

Panasonic Life Solutions India, earlier known as Anchor Electricals entered the solar market in 2014-15, and through years of efforts have established itself as one of the leading rooftop EPC solutions provider.

Dinesh Aggarwal, Joint Managing Director, Panasonic Life Solutions told PTI that the company will continue to be an EPC player and it aims to garner revenues of around Rs 500 crore from the solar business in the next 3-4 years.

For the current financial year, the company is eyeing a Rs 200 crore revenue from the solar business with Rs 50 crore coming from the sale of Panasonic HIT modules and the rest from EPC projects. The firm’s total revenue target for 2019-20 is Rs 4,000 crore.

In 2018-19, the company recorded a total revenue of Rs 3,410 crore and its solar segment registered Rs 152 crore revenue, as per news media report. In the current fiscal, the company, which is largely engaged in the electricals sector and offers products such as switches, fans, lighting products, wires, cables and switchgear, is expecting a topline of Rs 3,410 crore.

“We are bullish about the solar market here as there is an increasing acceptance, especially in the industrial and commercial segment, having rooftop captive generation. Earlier, subsidies from the government drove the demand, which is not the case right now. People have realised that they can get a payback in about 5-6 years for their investments. So, I believe investments will continue in solar,” Aggarwal was quoted by the PTI.

He further said that price-wise, these modules are costlier than the Chinese modules that make up for most of the market.

As of now, the company is focused on establishing itself as an EPC player. However in the future, if there is large-scale investment in rooftop solar, then the company might consider manufacturing under ”Make in India” initiative push. The whole emphasis of Panasonic India is on performance and capturing the upper segment of the market.