Micromax has crossed Rs 10,000 crore in annual revenues during year to March 2015, and is set to surpass the world's largest consumer electronics brand Sony in the Indian market.
Micromax Informatics grew sales by a whopping 47 per cent in 2014-15 to Rs 10,450 crore while Sony India's business grew by 10 per cent with revenue at Rs 11,010 crore. The company has been very successful in selling its budget 4G smartphones in the last year, experts feel it will pip Sony India, which is revamping its smartphone business.
"In smartphones, the growth during the second half will be driven by 4G models which now account for 30 per cent of our portfolio with 20 models and will be further strengthened. We also have around 10 per cent share in LED televisions, which will continue to grow," Micromax chief executive officer Vineet Taneja told the
Economic Times.Meanwhile, Sony India said they may come down due to no solid sporting event.
Experts suggest that owing to the growing demand for smartphones and 4G, Micromax business will continue to boom. Moreover, the company's share from its online sale of smartphones and LED TVs has been on a constant increase.
"On a like-to-like basis without the laptop portfolio, our sales growth rate was 22 per cent. However, this year we expect sales growth may come down due to absence of any major sporting event like last year which drives television sales," Sony India's sales head Satish Padmanabhan told the
Economic Times.
According to Counterpoint Research, though Micromax has increased its sales from online, it is facing a tough time in $50-100 price segment from Intex, Lava and others.
In the above $100 segment Micromax is deemed to face competition from Chinese players like Xiaomi, InFocus and alike.
It also said that Micromax was at the second position in overall mobile phone market and the smartphone segment in India with a market share of 13.7 per cent and 17.7 per cent market share respectively at the end of Q3 2015.
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