Samsung India’s revenue from operations increased 8.6 per cent to Rs 82,451 crore in the financial year 2021-22 (FY22), reported The Economic Times. The jump in revenues was primarily driven by the company’s mobile phone division, the Tofler filings revealed.
The declaration to the Registrar of Companies showed that the cell phone business alone contributed Rs 55,201 crore to revenue.
Industry executives claimed that aggressive pricing of mobile phones and TVs on ecommerce portals to gain market share, however, caused a decline of 4.9 per cent in the net profit of the company, which came at Rs 3,844 crore against Rs 4,040.8 crore reported in the year-ago period.
In the mandatory filings, the company did not give explanations for the increase in revenue or the decline in profit.
Maruti Suzuki, a Japanese automaker, which announced revenue of Rs 88,295 crore in FY22 has overtaken Samsung as the largest consumer-facing MNC in the nation. Samsung India had edged Maruti to the top rank in FY21. In FY22, the South Korean company’s overall revenue in India, including other income, increased by 10 per cent to Rs 85,324 crore.
Mobile phones are Samsung’s major business segment in India accounting for 67 per cent of total revenue despite a slight decline in sales in FY21.
Apart from mobile phones, Samsung also sells televisions, wearable devices, tablets, digital appliances, network systems and memory, system LSI, foundry and LED solutions. Samsung’s competitors include companies such as Xiaomi, LG, and Whirlpool, among others.