Sony India posts 32% increase in profit to Rs 136.7 crore in 2022-23

"Now FY24 is also looking very promising and we are looking forward to 15-20% value growth and profitability is also going to be good," Sony India's MD said

Consumer electronic maker Sony India's profit for 2022-23 increased 31.8 per cent to Rs 136.7 crore and its revenue from operations increased 23.1 per cent to Rs 6,353.74 crore, according to financial data accessed by the business intelligence platform Tofler.

Sony India, a wholly owned subsidiary of Japan's tech major Sony Corporation, had logged a profit of Rs 103.71 crore for the financial year that ended on March 31, 2022, while its revenue from operations stood at Rs 5,161.23 crore.

Commenting on the performance, Sony India Managing Director Sunil Nayyar told PTI, "this is led by premiumisation" in its offerings.

 

"Now FY24 is also looking very promising and we are looking forward to 15-20 per cent value growth and profitability is also going to be good," he said, adding the premium TV sets over 55 inches and above would be the "growth drivers".

Sony India was witnessing a fall in revenue after its parent firm exited the mobile phone and laptop business. At its peak, Sony India's revenue was over Rs 11,000 crore in FY15.

However, from FY22, Sony India's revenue stabilised and started to report positive growth numbers.

"We were trying to come back. Now the India premium market has evolved finally," said Nayyar, adding, "we are stitching a growth story, continue to grow both top line and bottom line and innovate and bring new products to the country."

Sony India's total income was also up 23.17 per cent to Rs 6,404.54 crore for FY23. It was at Rs 5,199.75 crore a year before.

Its total expenses in FY23 were up 23.07 per cent to Rs 6,225.87 crore as against Rs 5,058.57 crore in FY22.

According to Sony India, "Company's TV business continued to increase in FY22 post-Covid, and large screen expansion was the main contributor to its overall growth, thanks to large screen shift in the market where we maintained our dominance, and our XR processor, which improves both picture and sound with Google TV platform."

Its audio business had a mixed performance and continued its growth momentum, along with OTT expansion.

The headphone business maintained its position due to very tough competition, however, it was dominant in the active noise cancelling headband segment in FY23.

Its digital imaging business, under which it sells cameras, had a "strong momentum", helped by wedding market dominance. Its gaming business also grew steadily, given a shortage, it said.