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.
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.
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