Samsung India's profit goes down but total income rises, crosses the $10 bn milestone
By MYBRANDBOOK
According to a regulatory filing, Samsung India Electronics' consolidated net profit has declined over 58 per cent to Rs 1,540.5 crore in 2018-19. The firm had posted a net profit of Rs 3,712.8 crore in the financial year 2017-18.
However, as per the documents filed by the company to the Registrar of Companies (RoC), the company’s total income rose 20 per cent to Rs 73,085.9 crore in FY19 from Rs 61,065.6 crore in the previous fiscal. Following this feat, the mobile phone and consumer durables major has crossed the $10-billion income milestone in the Indian consumer electronics market.
Samsung India's revenue from operations in 2018-19 stood at Rs 70,627.7 crore, a rise of 19 per cent as compared with Rs 59,370.9 crore in the previous fiscal.
Over 60 per cent of the revenue from operations came from mobile phones (Rs 43,087.98 crore), while the audio visual segment (television and cameras) and the home appliances category (washing machines, refrigerators and air conditioners) accounted for Rs 5,015.7 crore and Rs 7,408.2 crore, respectively.
Samsung India competes with the likes of Xiaomi, OnePlus and LG in India. It has been facing strong competition in the mobile phone space from these rivals. In the beginning of this year, Samsung had launched its online-only M series and stated that it was confident of clocking double-digit growth in the hyper-competitive Indian smartphone market.
During the financial year 2018-19, Samsung India saw its total expenses go up by over 27 per cent to Rs 70,227.8 crore as against Rs 55,283.8 crore.
Its employee benefit expenses grew to Rs 2,537.6 crore in 2018-19 from Rs 2,342 crore in the previous financial year, while finance costs were higher at Rs 1,059.3 crore in 2018-19 as against Rs 711 crore in the year-ago period.
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