Lenovo to grow 25-30 per cent this fiscal with manufacturing tablets in India
By MYBRANDBOOK
Lenovo expects to grow by 25-30 per cent in the current financial year due to increase in demand from the education segment and large enterprises. However, the growth may decline in the next financial year, Lenovo India CEO and Managing Director Rahul Agarwal said that the company has always grown in double digits and will continue to maintain the trend. Lenovo is also planning to start manufacturing tablets in India and expand laptop manufacturing by about 10 times.
Agarwal said “It has been a roller coaster ride this year, but we will grow by 25-30 per cent for the full financial year if we remove the ELCOT deal. The ELCOT deal was 1.5 million PCs which has not happened this year. The consumer market is to be 4 million. It has been flat for the last 5 years. It is suddenly exploding because of learning from home and is growing by 40 per cent.”
Agarwal said B2B (business-to-business) demand is still muted and it may grow by 4-5 per cent for full year. Lenovo witnessed 40 per cent growth in the consumer segment in October-December period. He also said the industry is facing a shortage of components, mainly display panels, which affected laptops, but Lenovo was able to cater to the spike in demand.
The company is now planning to increase laptop manufacturing facility by about 10 times at its Puducherry facility. The company is also going to start manufacturing tablets in India through an original design manufacturer.
“On tablets, we have been more focussed on the commercial side of business. We have 60-65 per cent market share. The consumer market was declining till the time pandemic happened. Suddenly people had to buy tablets,” he said.
He said tablet PCs with 8-inch screen size have the highest demand, and the company will initially make Lenovo M8 tablets in India to cater to requirements of government, consumers and students. The company ramped up its after-sales service this year as many people went back to their hometown and started working from remote locations.
According to IDC, Lenovo registered a 46.2 per cent growth in its small and medium businesses (SMB) shipments as it prepared the channel to avoid supply uncertainties in the coming months. He said large scale purchases by enterprises are not expected in next financial year, and schools will also open sooner or later which will also taper down consumer demand.
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