Samsung Electronics is close to achieving annual revenue of ₹1 lakh crore in India, according to recent regulatory filings. The company s total income in 2022-23 reached ₹98,924 crore, with sales growing by 16% compared to the previous year. Despite a decline in the overall market, Samsung s mobile phone business generated revenue of ₹70,292 crore, surpassing Hindustan Unilever and ITC. The company s success has been attributed to its premium smartphone models, financing scheme, and focus on the mid-segment.
Samsung India s sales grew by 16% in FY23 compared to the year before, but net profit fell to Rs 3,452 crore from Rs 3,844 crore in 2021-22. This is when demand for smartphones, televisions and household appliances nosedived since the second half of last fiscal due to macroeconomic headwinds.
Samsung India on Sunday said it sold more than 1.2 million Galaxy devices in India worth over Rs 1,000 crore (by value) on day 1 of the online festive sales.