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Panasonic India mulls hiking prices of mobiles, consumer appliances on rupee woes

Press Trust of India  |  New Delhi 

Following a continuous fall in the rupee's value against the US dollar, Thursday said it is mulling raising prices of and consumer appliances in the range of 5-7 per cent post festive season.

"Post Diwali, if the situation of exchange rate continues where it is or beyond 72 (against USD) then there will be a price increase to the extent of 5-7 per cent which will happen in the market. That's inevitable," and and CEO told

The rupee on Thursday hit a record low of 74.50 against the dollar in early deals.

Sharma, who is also the of industry body Consumer and Appliances Manufacturers Association (CEAMA), said there is significant impact of rupee depreciation.

"Fundamentally, our objective, especially when we look at first week of November, (is) to ensure that festive season goes with vibrancy... so (currently), we are not making any price (hike), not only in but also in consumer appliances," Sharma said.

He, however, clarified that he is not sure about other companies but "for it seems inevitable".

The Japanese consumer is aiming revenues to the tune of Rs 12,300 crore in this fiscal, driven by its refrigerator and TV businesses.

The company expects mobile business segment to contribute around Rs 800 crore to its revenue in current fiscal.

reported revenues of about Rs 10,500 crore in the previous financial year.

The company also expects its B2B business to contribute almost half of its revenues by financial year 2020-21 as it is expanding its presence in the segment.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 11 2018. 19:06 IST