Samsung India nears another milestone in smartphone business
Samsung India is poised to surpass Rs 80,000 crore in total smartphone revenue this financial year, propelled by about 12% sales volume growth widely outperforming a subdued domestic market, said two people aware of the matter.
The company accelerated sales spurred by premiumisation with average handset selling prices rising by 22%, higher than the industry average of 17%. The share of no-cost EMI purchases has also increased from 54% to 60% during the year, said Akshay Rao, mobile experience business general manager at Samsung India. Tenure for no-cost EMI schemes too rose to 18 months from 12 months earlier.
Rao, however, declined to share or confirm the revenue performance for FY24.
«In value terms, our mobile phone domestic sales have grown by 12%, which is much ahead of the industry growth rate of 8-10%. Our goal is to continue to grow ahead of the market. This will be possible due to higher focus on 5G handsets. For instance, in 2023, around 60% of our smartphone shipments to India were 5G handsets which we want to grow to 75% this calendar year,» said Rao.
An industry executive said Samsung's mobile phone exports are likely to have slowed this year due to recessionary conditions globally and consumers refraining from spending in several markets, which forced many handset makers including Samsung to adjust production.
In 2022-23, Samsung India's mobile phone business had raked in revenue of Rs 70,292 crore (exports and domestic sales), as per filings to the Registrar of Companies. The figure surpassed
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