Micromax is the new Usain Bolt as annual revenues cross Rs 10,000 crore

Micromax, which was not even half of Sony in turnover, might pip Sony India as it crossed Rs 10, 000 crore in annual revenues during year to March 2015.

Micromax Informatics grew sales by a whopping 47% in 2014-15 to Rs 10,450 crore. Sony India’s business grew 10% with revenue at Rs 11,010 crore.

As Micromax is banking on online and 4G smartphones business, 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% of our portfolio with 20 models and will be further strengthened. We also have around 10% share in LED televisions, which will continue to grow," Micromax chief executive officer Vineet Taneja told ET.

Meanwhile, Sony India said they may come down due to no solid sporting event.

"On a like-to-like basis without the laptop portfolio, our sales growth rate was 22%. 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 ET.

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.

"If we have to grow at this pace, we have to gain share which we will continue to strive, but will also not do anything for short-term benefit which several of the brands are now doing," said Taneja.

(Image: Reuters)