- India is currently among the top five markets for the Korean consumer durable major
- Total revenues for FY19 stood at Rs 15,945.20 crores
According to Hindu Business, LG Electronics India has posted a net profit of Rs 1,534.50 crore in FY19, recording 5.52 per cent growth over the previous fiscal.
The company, which is a wholly-owned subsidiary of LG Electronics, had reported a net profit of Rs 1,454.20 crores in FY18.
Numbers in detail
It had posted a total revenue of Rs 16,059 crore in FY18. Total revenues for FY19 stood at Rs 15,945.20 crores, according to the company’s regulatory filings with the Registrar of Companies (RoC) and sourced by the business intelligence platform, Tofler. The company informed the revenue for FY19 is not comparable with previous fiscal years due to the implementation of GST.
A spokesperson for LG India told the news daily that LG Electronics has been consistently strengthening its market leadership in the consumer durable industry. They offer an exhaustive product portfolio based on Indian insights, backed by strong and robust after-sales service. They have a long-term vision and focus on consistently strengthening our market leadership by serving millions of satisfied consumers.
LG Electronics is expecting to garner a revenue of Rs 2,000 crore from its B2B (business-to-business) segment in India in FY20, a senior company official said. The company ended FY19 with a revenue of Rs 1,500 crore and is looking at a 30 percent growth this fiscal, said Hemendu Sinha, vice-president & business head, B2B, LG Electronics India.