Panasonic Energy India Company completes the first quarter with a profitable growth

New Delhi, August 12, 2024: Panasonic Energy India Co. Ltd. (PECIN) a part of Panasonic Holdings Corporation today, announced the audited standalone results for the quarter ended on June 30, 2024. Though the company reported a revenue of INR 629 million, slight dip over same period last year, profit after tax (PAT) reported an increase of 63.5% pegged at INR 40 million. The company posted a growth of 52.5% on EBITDA margins signifying a strong balance sheet with a market cap of INR 3,894 million.

Speaking on the occasion, Mr. Akinori Isomura, Chairman and Managing Director Panasonic Energy India Co. Ltd. (PECIN), said, “Last two years have charted a turnaround story for Panasonic Energy India operations and we have been reporting a consistent growth in profit. The slight dip in revenue this quarter is on account of a large B2B one time order that we won last year, so if we look at the overall sales growth in insolation of this order, we have recorded a 7% growth.”

He added, “We have several strategic initiatives in pipeline to sustain and accelerate our growth trajectory. From expanding our presence in the burgeoning rural markets, driving up our market share in areas which have potential, improving our brand awareness to increasing the range of premium products in the overall sales mix, we believe we are well on our way to further strengthen our performance.”

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 expanding the installed solar capacity to ensure 30% solar coverage up from current 19%. 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.

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About Panasonic Energy India Company:
Panasonic Energy India Co. Ltd., established in the year 1972 as Lakhanpal National Limited, is one of India's largest manufacturer & supplier of dry cell batteries. Headquartered in Vadodara (Gujarat), the Company is a part of global Panasonic Holdings Corporation, world's leading manufacturer of audio-visual equipment’s, home appliances, electronic components, automotive electronics and environmental systems. To learn more, please visit - https://www.panasonicenergyindia.in/

About the Panasonic Group
Founded in 1918, and today a global leader in developing innovative technologies and solutions for wide-ranging applications in the consumer electronics, housing, automotive, industry, communications, and energy sectors worldwide, the Panasonic Group switched to an operating company system on April 1, 2022 with Panasonic Holdings Corporation serving as a holding company and eight companies positioned under its umbrella. The Group reported consolidated net sales of 8,496.4 billion yen for the year ended March 31, 2024. To learn more about the Panasonic Group, please visit: https://holdings.panasonic/global/

For more information, please contact:
Rachamalla Pritesh, Panasonic, email: Pritesh.rachamalla@in.panasonic.com; Mobile: +918860404324
Nitesh Verma, MSL India, email: nitesh.verma@mslgroup.com, Mobile: +918800806568