Samsung India Reports Two-Fold Increase in FY24 Profit to Rs 8,188.7 Crore and Revenue Exceeds Rs 1 Lakh Crore

Samsung India Electronics saw its net profit for the fiscal year 2024 double to Rs 8,188.7 crore. Revenue from operations increased by 3% to Rs 99,541.6 crore, as per data from Tofler. In the previous fiscal year ending March 31, 2023, the company reported a net profit of Rs 3,450.1 crore with operational revenue at Rs 96,632.4 crore.

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Revenue and Profit Growth

The company's total income, including other sources, surpassed Rs 1 lakh crore, reaching Rs 1,02,628.3 crore for the year ending March 31, 2024. This figure marks the highest in five years according to Tofler's data. Samsung India's domestic market revenue was Rs 60,817.9 crore, while exports contributed Rs 38,723.7 crore in FY24.

Samsung India's profit before tax also doubled to Rs 10,982 crore in FY24. The company's mobile phone segment saw a revenue increase of 1.37%, totalling Rs 71,157.6 crore. However, revenue from home appliances like washing machines and refrigerators fell by 3.93% to Rs 11,350.1 crore compared to the previous year.

Expenses and Other Financial Details

Total expenses for Samsung India Electronics decreased by 2.28% to Rs 91,644.5 crore from the previous year's Rs 93,792.2 crore. Advertising and promotional expenses rose by 5.43% to Rs 3,781.6 crore. Additionally, royalty payments to its South Korean parent company increased by 50% to Rs 3,322.4 crore in FY24.

Revenue from other sources climbed by 34.4% to reach Rs 3,086.7 crore. Despite these financial achievements, an email sent to Samsung India Electronics seeking comments on these figures remained unanswered at the time of reporting.

Samsung India Electronics primarily generates its revenue from its mobile phone business segment. This focus has contributed significantly to its financial performance over the past year.