Sony bets on GST cuts, festive demand to power premium TV growth
Sony India is banking on festive demand and GST-led price cuts to revive TV sales, eyeing double-digit growth in FY25. With sharper focus on premium large-screen models, the brand expects a 3–5% share gain and stronger consumer upgrades.
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Sony India is banking on a combination of festive season buying and the recent GST rate cut on televisions to revive demand and push revenue growth in FY25, Moneycontrol reported. The company, which closed last fiscal with Rs 7,664 crore in revenue, expects to notch double-digit growth this year, though lower than FY24’s robust 20%, due to a sluggish first half.
From September 22, Sony is passing on a 7.8% price reduction to consumers, following the government’s move to slash GST on TV screens above 32 inches from 28% to 18%. The brand believes this will unlock significant pent-up demand, particularly in its premium and super-premium segments.
Sunil Nayyar, Managing Director, Sony India told Moneycontrol that currently the sales are low because consumers are waiting for the GST cuts. "I’d call it the lull before the storm,” he said. “From September 22, we expect strong momentum across categories, with festive promotions sustaining demand right up to March.”
Sony is targeting a 3–5% market share gain in large-screen televisions (55-inch and above), a segment where it already holds a leading position. The company is also pushing bundled deals, such as Bravia TVs with soundbars, and expects upgrades across audio and imaging portfolios.
Online channels now account for a high double-digit share of Sony’s business, nearly double from five years ago, while offline retail continues to dominate. Quick commerce, though small, is being tested as an additional lever.
Nayyar said the GST-led affordability boost makes Sony’s premium products more attractive compared to rivals. “With higher ticket sizes, the absolute savings for consumers are substantial. The government’s intent is clear to boost consumption, and we are ready to ride that wave,” he added.
Despite a flat April–August performance, Sony remains confident of crossing the Rs 10,000 crore revenue milestone in the next two to three years, with festive demand serving as the springboard.
