Samsung India logs 39% rise in profit at Rs 4,041 crore, revenue flat in FY21

PC: Samsung India

Samsung India Electronics has registered a 39 percent rise in net profit at Rs 4,040.9 crore even as its revenue from operations remained flat at Rs 75,886.3 crore in FY2020-21 over the previous fiscal, according to regulatory documents.

The electronics giant, which receives a lion's share of its business from mobile phone segment, had logged a net profit of Rs 2,902.6 crore in FY20, while its revenue from operation in that year was at Rs 75,461.5 crore.

Samsung India's total revenue declined by 1.46 percent to Rs 77,501.4 crore in the fiscal ended March 2021 compared to Rs 78,651.2 crore in the preceding financial year, according to the Registrar of Companies filing - shared by market intelligence firm Tofler.

Samsung India did not respond to a detailed query seeking comments.

There has been a massive surge in demand for electronic products including smartphones, laptops and large screen TVs after the COVID-19 pandemic broke out, leading to people working from home and spending most of their time indoors.

During the financial year 2020-21, the company's total expenses were reduced by 3.38 percent to Rs 71,898.7 crore as against Rs 74,413.4 crore in the previous year.

Employee benefit expenses were also flat at Rs 2,687.4 crore in FY21 as against Rs 2,702.2 crore earlier.

Samsung India competes with players like Xiaomi and OnePlus in the mobile handset segment and LG, Sony and Panasonic in the TV and appliances segment.

About 72.65 percent of the FY21 revenue came from phones, while the remaining came from audiovisual (6.51 percent), home appliances (10.42 percent), network (3.77 percent), Software Development and Export (1.61 percent) and others (5.01 percent), the documents showed.