Samsung India Sees Two-Fold Profit Surge To Rs 8,188.7 Crore In FY24

Consumer electronic maker Samsung India Electronics' net profit for fiscal 2023-24 increased two-fold to Rs 8,188.7 crore, while its revenue from operations rose 3% to Rs 99,541.6 crore, according to financial data accessed through business intelligence platform Tofler.

It had reported a net profit of Rs 3,450.1 crore and its revenue from operations was at Rs 96,632.4 crore for the financial year that ended on March 31, 2023.

Samsung India's revenue from the domestic market was at Rs 60,817.9 crore and Rs 38,723.7 crore from exports in fiscal 2023-24.

Samsung India's total income, including other income, crossed the Rs 1 lakh-crore-mark at Rs 1,02,628.3 crore for the financial year ended on March 31, 2024. The amount was the highest in the last five years, according to Tofler data.

Its revenue from hand-held phones -- the segment covering operations relating to mobile phones & accessories -- was up 1.37% to Rs 71,157.6 crore.

However, revenue from home appliances business -- which covers its washing machines, air conditioners, refrigerators, and microwave ovens -- was down 3.93% to Rs 11,350.1 crore as against Rs 11,814.8 crore a year ago.

Samsung India's profit before tax was also up two-fold to Rs 10,982 crore in fiscal 2023-24.

An e-mail to Samsung India Electronic seeking comments regarding the numbers remained unanswered till the time of filing the story.

Revenue from other sources of Samsung India was up 34.4% to Rs 3,086.7 crore.

Total expenses of Samsung India Electronics were at Rs 91,644.5 crore, down 2.28% against Rs 93,792.2 crore a year earlier.

Samsung India's advertising promotional expenses were at Rs 3,781.6 crore, up 5.43%.

Besides, royalty paid to the parent South Korean firm rose 50% to Rs 3,322.4 crore in fiscal 2023-24.

Samsung India Electronics receives its major revenue from the mobile phone business.