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Samsung India Electronics reports 10% jump in FY22 revenues

Samsung India Electronics reports 10% jump in FY22 revenues (REUTERS)

For the year ended 31 March 2022, the maker of mobile handsets, televisions and refrigerators reported a net profit of 3,844 crore against 4040.8 crore reported in the year-ago period.

Meanwhile, the company reported a 10% jump in FY22 revenues to 85,325 crore. Its revenues in FY21 stood at 77,501.40 crore.

The company’s earnings before interest, taxes, depreciation, and amortisation or EBITDA stood at 7,081.80 crore in fiscal 2021-22. The company’s total expenses for the fiscal were reported as 79,759 crore up 11% against 71,899 crore in the previous fiscal.

Samsung sells televisions, smartphones, wearable devices, tablets, digital appliances, network systems and memory, system LSI, foundry and LED solutions. It competes with companies such as Xiaomi, LG, and Whirlpool, among others.

In FY21—the size of the country’s consumer durables industry was estimated at 2.3 trillion, according to estimates by BNP Paribas. This excludes smartphones. In smartphones, Xiaomi continues to lead sales in the market followed by Samsung.

In March this year, Samsung said it will invest 1,588 crore to set up a new compressor manufacturing plant in Sriperumbudur, near Chennai. The new facility, spread over 22 acres, will have the capacity to produce 8 million compressor units a year, which will be expanded in the future. Compressors produced at the plant will be used in refrigerators that Samsung manufactures in India and also be exported. Compressors produced at the plant will be used in refrigerators that Samsung manufactures in India.

Samsung entered India in 1995. It has consolidated its market leadership in the country with two factories, in Noida, near New Delhi and in Sriperumbudur, five R&D centres and one design centre. These are supported by a network of over 200,000 retail outlets and over 3,000 customer service points.

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