PC maker Lenovo India reported a 38 per cent increase in revenue to $2.2 billion (about Rs 17,000 crore) in the financial year ending March 2022.
The company said Thursday that the growth was supported by a doubling of the volume of computers and smartphones manufactured in India with an increase in tablets manufactured locally.
“Total revenue for all of Lenovo’s business in India was $2.2 billion for the full fiscal year ended March 31, 2022, representing a year-on-year increase of 38 percent,” the company said in a statement.
According to market research firm IDC, Lenovo’s shipments grew 20.5 percent to 7.52 thousand units of personal computers and captured 17.6 percent market share in the March quarter of 2022.
“Our 38 percent revenue increase for fiscal year 2021-22 clearly shows that Lenovo is meeting the growing need for transformational technology solutions in India. Additionally, this year’s service-led transformation strategy has shown tangible results, with a 58 percent increase in the Assigned to Lenovo India, our services book revenue.
Lenovo recorded its second-largest quarter ever among small and medium-sized businesses as its shipment grew 37.5 percent to nearly 2,000 units, according to the International Data Center.
“In every sector of society – be it education, healthcare, manufacturing, retail, entertainment, or any of India’s growing industries – technology from Lenovo helps people live, work, play and study smarter,” Katyal said.
Lenovo Group net income increased 72 percent year-on-year to $2 billion and revenue grew by $10 billion (approximately Rs.77,603 crore) for the second consecutive year to over $71 billion (approximately Rs.5,50,981 crore) .
“All major business groups were profitable for the full fiscal year – with strong growth momentum in mobile, infrastructure, solutions and services,” the company said.