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Sony India
Leading consumer electronics maker Sony India on Friday said it will pass on the 8-10 per cent benefit of the GST reduction on TV sets to consumers and expects up to 10 per cent pick up in the demand, its Managing Director Sunil Nayyar said. Sony India, a leading player in the rapidly evolving smart premium TV market in the country, expects a boost in consumption and is stepping up its marketing initiatives to capitalise on the momentum, he said. The company, with a significant price advantage after GST reduction, will capture the positive consumer sentiment in the festive season sales, which has already started from South with Onam. "With the GST reduction, we are hopeful that the entire benefit, ranging from 8 to 10 per cent, will be passed on to the consumers. This will definitely boost consumption, especially in the 55-inch and above TV segment, where customers stand to enjoy a significant price advantage," said Nayyar. The government on Wednesday announced next generation GST
Japanese electronics and entertainment company Sony reported a 3 per cent gain in October-December profit Thursday, and raised its full-year forecast. Quarterly profit totaled 373.7 billion Yen (USD 2.4 billion), up from 364 billion Yen. Quarterly sales edged up 18 per cent to 4.4 trillion Yen (USD 29 billion), boosted by solid results in its financial services, games and music operations. The Tokyo-based maker of the PlayStation video game machine reported a 21 per cent gain in April-December profit at 943.9 billion yen (USD 6 billion), up from 781.6 billion. Nine-month sales edged up 8 per cent to 10.3 trillion Yen (USD 67 billion). Sony Corp revised its full year profit projection upward to 1.08 trillion Yen (USD 7 billion) from the 980 billion Yen (USD 6.3 billion) annual profit forecast it gave in November. The latest projection is also an 11 per cent improvement over the profit it recorded the previous fiscal year. The revision was caused by a favourable currency exchange
Japan's Sony will continue to invest aggressively in India, one of its most important media and entertainment global markets, with an eye on creating compelling contents, according to a senior company official. Sony Pictures Networks India (SPNI) Managing Director and CEO Gaurav Banerjee told PTI that the company is not concerned about competition from Jio Hotstar combine but is rather looking at "working together to figure out how best to entertain India". SPNI is a part of Japanese conglomerate Sony Group Corporation that had announced to invest USD 1.575 billion while announcing the failed merger with Zee in September 2021. Despite the failure of its merger with Zee, the company is open to explore alternative routes to grow, although the current focus is on growing and strengthening existing business, he added. "It (India) is one of the most significant and important markets for Sony globally and the reason for that is simple. One is this is the largest country by population ...
Consumer electronics maker Sony India's profit edged up 22.18 per cent to Rs 167 crore while revenue from operations increased 20.6 per cent to Rs 7,663.74 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, logged a profit of Rs 136.67 crore in 2022-23 while its revenue from operations stood at Rs 6,353.74 crore. Its total expenses in 2023-24 were up 20.5 per cent to Rs 7,502.30 crore as against Rs 6,225.87 crore in the previous year. No comment was received from Sony India to an email seeking response on financial numbers till the filing of the story. Sony India's 'advertising promotional expenses' were up 37.6 per cent to Rs 179.02 crore in the financial year ended on March 31, 2024. Its royalty cost, paid to the Japanese parent company, was up 13.6 per cent to Rs 259.07 crore. Sony India's revenue from Consumer Audio and Visuals was up 15.7 per cent to Rs 6,300.