Samsung Electronics India is on the cusp of reaching an annual revenue milestone of ₹1 lakh crore in India with its mobile phone business, the largest in the country, generating a revenue of ₹70,292 crore in FY23, reported Economic Times.
The wholly-owned subsidiary of the South Korean brand registered a total revenue of ₹98,924 crore in the fiscal year 2022-23, according to a regulatory filing with the Registrar of Companies (RoC). This revenue surpasses that of Hindustan Unilever Ltd (HUL) by 65% and ITC Ltd by 35% for the same fiscal year.
With the demand for Galaxy Z series, S series and mid-segment smartphones, mobile sales increased by 27% in FY23.
Samsung India leads the Indian smartphone market with an 18% share, according to Counterpoint Research.
Home appliances represent Samsung's second-largest business in India, achieving sales of ₹11,844 crore in FY23, an 18% increase over the previous year. The mobile business now constitutes 71% of Samsung's total sales in India, up from 67% in FY22.
Despite recording a 16% growth in sales in FY23 compared to the previous year, Samsung India's net profit declined from ₹3,844 crore to ₹3,452 crore in 2022-23. The drop in profit was attributed to decreased demand for smartphones, televisions, and household appliances in the latter half of the fiscal year due to macroeconomic challenges, the report added.
{{/usCountry}}Despite recording a 16% growth in sales in FY23 compared to the previous year, Samsung India's net profit declined from ₹3,844 crore to ₹3,452 crore in 2022-23. The drop in profit was attributed to decreased demand for smartphones, televisions, and household appliances in the latter half of the fiscal year due to macroeconomic challenges, the report added.
{{/usCountry}}While the parent, Samsung Electronics, saw its third-quarter profit plummet by 78 per cent due to a downturn in the memory chips market. The company's operating profit for the July-September quarter fell to approximately 2.4 trillion won (around 15k crore), compared to 10.85 trillion won in the same period the previous year.
Additionally, Samsung Electronics' sales declined by 12.7% to 67 trillion won during the third quarter. The South Korean tech giant reported losses of about 4.58 trillion won due to falling memory chip prices and reduced inventory values, according to Reuters.