Revenue Of Samsung India Spurs By 27%To 34,000 Crore
The revenues of Samsung India’s mobile business increased 27% to 34,000 Crore in the fiscal year that ended in March 2017. This magnificent performance of the company has been an important role in the expansion of local manufacturing and retail channel. The company said that it is expecting such growth in this financial year. The share of mobile phones in the company’s total business is approximately 60%.
In the fiscal year, 2016–17, India’s contribution to the revenues of the company stood at an appreciable position. It recorded 20% growth on an annual basis. In the Fiscal Year 2015–16, the revenue of the Indian market has increased by 19% to 47,000 Crore. In the previous year, the company has not included the sales of the Note 7 model in its mobile business, which was removed from the global market. However, it wasn’t launched in the Indian market.
Asim Warsi, Samsung India’s Senior Vice President-Mobile Business said, “If the Note 7 was launched in India then the data would be slightly higher. However, our Note users would like to be patience for the subsequent model. Note 8 when it came in the market, it also got a high response. Samsung recalled its Note 7 global in October 2017 due to the battery bursts. This model has not been launched in India, due to which the company remained unaccounted for earning up to Rs 6,500 Crore.
Warsi stated that the company’s Revenue Growth in the current fiscal year would be similar to that of Fiscal Year 2017. In addition to the mid-range popular J-series phones, the company will get support for models such as Galaxy S8 and Note 8. Samsung’s business growth has been the slowest in five years compared to Apple. Apple’s Revenue Fiscal Year grew by 17% in 2017 to Rs 11618 Crore. Revenue Growth of Chinese company Xiaomi rose by nearly eight-fold to Rs 8,379.3 Crore, which was nearly 700% on year-on-year basis.
Samsung is at the forefront of the revenue term, but Chinese companies are rapidly grabbing its market share in smartphones segment. According to Market Research Data Company Counterpoint Technology, the share price of this South Korean company was 22.8% in September, slightly higher than that of 22.3% in Xiaomi. In the beginning of 2017, Samsung’s market share was 26% while Xiaomi’s 13%. Apart from Xiaomi, the market share of Vivo, Oppo, and Lenovo has also increased considerably. Top Chinese companies share more than 54% in the Indian market.