Uncategorized

Samsung India revenues drop 1% in FY21, profit up 39%

NEW DELHI :

Local arm of South Korean electronic products major Samsung India Electronics Private Ltd., reported a 39% jump in net profit for the year ended 31 March 2021, according to financial data accessed by business intelligence platform, Tofler.

The company reported a net profit of ₹4,041 crore during the fiscal up from Rs2,902 crore reported in the year ago period, Tofler said in a note on the company’s financials on Tuesday.

Its revenues for the financial year 2020-21 dropped marginally by 1% to touch Rs77,501 crore. In the year ago period, it reported total revenues of Rs78,651 crore. The company’s total expenses for the fiscal dropped marginally by 3% to touch ₹71,899 crore.

The numbers point to the local arm of the south Korean company continuing to build its business momentum in the country despite a year marked by pandemic-related disruptions that saw retail stores shutter for weeks and companies face supply-side disruptions as world economies struggled to control the spread of covid-19. 

In India, Samsung competes with other large electronics retailers including—Panasonic, Whirpool, Xiaomi, LG among several other homegrown companies.

The company sells TVs, smartphones, wearable devices, tablets, digital appliances, network systems and memory, and LED solutions in India.

In the second quarter of 2021 after Xiaomi, Samsung, for instance is the second largest smartphone brand in the country—with a 18% market share

In a pandemic struck country more shoppers—stuck at home upgraded home appliances, bought new smart television sets, laptops and mobile phones and what helped the sector drive more sales even as other discretionary categories took a beating.  

The company has over 10,000 employees in India.

In 2020—the company said it will invest ₹4,825 crore in the northern state of Uttar Pradesh to move its mobile and IT display production unit from China to India.

In 2018—the company opened—what it then called the world’s largest mobile factory in Noida, India, with plans to export mobile handsets produced in India, to overseas markets.

Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!


Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: