The local branch of South Korean electronic products major, Samsung India Electronics Private Ltd., recorded a 39% jump in net profit for the year ended 31 March 2021, according to financial data obtained by business intelligence platform, Tofler.
Its profits for the financial year 2020-21 decreased marginally by 1% to reach Rs. 77,501 crore. In the year-ago period, it recorded total revenues of Rs. 78,651 crore. The company’s total expenses for the fiscal declined marginally by 3% to reach ₹71,899 crores.
The numbers led to the local branch of the South Korean company proceeding to build its business force in the country despite a year of pandemic-related disturbances that saw retail stores shuttered for weeks and companies face supply-side troubles as world economies grappled with constraining the spread of COVID-19.
In India, Samsung fights with other large electronics retailers, including Panasonic, Whirpool, Xiaomi, and LG, among other homegrown companies. The company markets India’s TVs, smartphones, wearable devices, tablets, digital appliances, network systems and memory, and LED solutions.
In the second quarter of 2021, after Xiaomi, Samsung, for instance, is the second-largest smartphone brand in the country—with an 18% market share. A pandemic hit country more customers—stuck at home upgraded home appliances, bought new smart television sets, laptops and mobile phones, and helped the sector approach more sales even as other discretionary categories took a defeat.
The company has more than 10,000 employees in India. In 2020—the company said it would invest ₹4,825 crores in the northern state of Uttar Pradesh to shift its mobile and IT display production unit from China to India. In 2018—the company opened—what it then called the world’s largest mobile factory in Noida, India, with plans to transport mobile handsets manufactured in India to overseas markets.