Samsung Nears ₹1 Lakh Crore Milestone In India Thanks To Its Smartphone Sales
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Samsung Electronics is on the cusp of a significant milestone in India, eyeing the ₹1 lakh crore annual revenue mark, nearly three decades since its inception in the nation.

What Happened? The tech giant’s recent filings reveal a whopping ₹98,924 crore income in 2022-23.

However, it’s not all rosy. While sales surged by 16% in FY23, the net profit dipped to ₹3,452 crore from ₹3,844 crore the previous year. The dip came amidst a challenging market environment, especially in the latter half of the fiscal year.

But here’s where Samsung shines – its mobile phone business. Dominating the Indian market, their mobile sales alone contributed ₹70,292 crore in FY23. The success? Largely credited to their ultra-luxurious Galaxy Z series and the ever-popular S series. These premium phones, coupled with their stronghold in the mid-segment, have propelled Samsung’s growth.

See also: Why These Two Railway Stocks Are Surging Upto 5% Today

Mobiles now make up a staggering 71% of Samsung’s total Indian sales, up from 67% the previous year. Their home appliances segment isn’t far behind, registering sales of ₹11,844 crore in FY23, marking an 18% growth.

From its humble beginnings as a two-person startup, Samsung’s journey to becoming India’s top consumer brand is nothing short of remarkable. Their commitment to India remains unwavering, with recent investments in a new manufacturing plant near Chennai. As for market leadership, Samsung continues to reign supreme in smartphones, holding an 18% market share in the June quarter.

Read next: Micro Cap Stock Surges 7% After Bagging ₹112 Cr Order

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
EarningsNewsRetail SalesTechSamsung