Sony India grows 21% in 2023-24; bets big on premium TV segment

Consumer electronics giant Sony India recorded a 21 per cent growth in 2023-24 and expects to continue the momentum going forward led by the trend of premiumisation in the TV and consumer electronics space, Managing Director Sunil Nayyar said on Monday.

However, the company expects a moderation in the growth rates in the current fiscal, he said, adding it "may be not to the level which we have registered last year, because of the high base effect".

Sony India is quite upbeat after having almost 40 per cent growth in festive sales during Onam in the southern market and expects a similar kind of double-digit growth in the rest part of the country during the festive season starting from Durga Puja.

"So we are very hopeful that Diwali should be pretty strong as far as the sales is concerned. Hopefully, we are getting a growth of high double digit this time," Nayyar told PTI.

The company, which is a leader in the premium television segment with around 35 per cent overall market share in 55-inch and above screen size, will "continue to dominate" the segment, he said.

Sony India claims to be the top brand in 85-inch, 75-inch and 65-inch screen categories having 49 per cent, 45 per cent and 36 per cent market shares, respectively.  

Expanding its play in the premium TV sets, Sony India on Monday launched the lineup of Bravia 9, 8,7 and 3 series.

Sony India expects the premium television segment, besides its audio and imaging products, will drive growth in the country.

"Now, growth is expected in the top part of the pyramid, which is a mid, high and upper segment, whether it is product based or consumer based or income level based," he said, adding, "India is becoming richer by the day, and that's the reason we are able to sell all premium products across the categories."

"In fiscal year 2023-24, we remain on the path of good growth. I think it was 21 per cent and so it continues," he said, adding, "This growth is very encouraging for us because it's higher than the industry growth."

Sony India had clocked a revenue of Rs 6,353 crore in 2022-23 and Rs 5,161 crore in 2021-22.

"We should continue this businesses momentum, and televisions (sales) are growing, that's very nice for us. This is also a growing market for us in the audio segment, where we are brimming with confidence, not only with soundbars but with party speakers also," said Nayyar.

Its gaming business, in which Sony has products as Playstation series, consoles, accessories etc. "is doing phenomenally", Nayyar said.

In gaming "we more than doubled last year, so we are doing pretty good this year as well. We are selling lots of software. People are addicted to Sony PlayStation 5. Peripherals are also selling well, there is a very good atmosphere in the country for e-gaming. So all in all, yeah, it's looking good," he said.

Now gaming business contributes 8 to 10 per cent of the topline of Sony India, Nayyar added.

In the digital imaging business, where Sony is a market leader with its Alpha range of mirrorless cameras, the company had over 150 per cent growth from the segment in 2023-24, he said.

"All in all we are looking quite strong and our growth trajectory should remain intact," Nayyar added.

Sony India gets half of its revenue from the TV business, around 20 per cent from the imaging business and the rest from audio and other businesses.

Presently India is the fourth largest market of Sony India. US, China and Japan are the top three markets for Sony globally. The company expects India to become its third largest global market in the next couple of years.