AI-enabled products, exports & aggressive pricing boost Samsung & LG’s India sales by 10 per cent in 2024
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As per their latest global filings, Samsung Electronics Co Ltd posted sales of 17.04 trillion Korean won (about Rs 1,03,229 crore) in India in 2024 which went up by 12% yoy, while LG Electronics Inc sales in India surged by 14% yoy to 3.79 trillion Korean won last year. The filings did not attribute any reason behind the performance last year.
In contrast, Samsung’s sales in India in 2023 had declined by 6% over 2022, while LG’s had grown by a marginal 3.5% in the same period, the filings show. Both the chaebols globally follow the calendar year as their fiscal year.
An industry executive said despite the electronics market in India remaining subdued due to high inflation impacting consumer spending, the Korean duo were aggressive with new launches, promotional offers and discounts especially during the crucial festive season which drove sales. “They are rolling out new trending features like AI in their products,” he said.
The filings show Samsung India’s profit surged by 22% yoy to 1.41 trillion Korean won (about Rs 8527 crore) in 2024 while that of LG’s went up by 43% yoy to 331 billion Korean won (about Rs 2000 crore).
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