PC maker Lenovo India has recorded 38 percent increase in revenue to $2.2 billion (about Rs. 17,000 crore) in the financial year ended March 2022.
The growth was supported by nearly doubling the volume of manufactured PCs and smartphones in India while increasing locally manufactured tablets manifold, the company said on Thursday.
“The total revenue for all Lenovo businesses in India was $ 2.2 billion for the full fiscal year ending March 31, 2022, representing a year-on-year increase of 38 per cent,” it said in a statement.
According to market research firm IDC, Lenovo’s shipments grew by 20.5 percent to 7.52 lakh PC units and it held 17.6 percent market share in the March quarter of 2022.
“Our 38 percent increase in revenue for FY 2021-22 clearly shows that Lenovo is meeting the expanding need for transformational technology solutions in India. Additionally, this year our service-led transformation strategy has shown concrete results, with a 58 per cent rise in our services booking revenue,” Lenovo India Managing Director Shailendra Katyal said.
Lenovo clocked its second-biggest quarter ever among small and medium business where its shipment grew by 37.5 percent to about 2 lakh units, as per IDC.
“In every sector of society – whether it be education, healthcare, manufacturing, retail, entertainment, or any of India’s growing industries – technology from Lenovo is helping people live, work, play, and study smarter,” Katyal said.
The Lenovo group’s net income increased by 72 percent year-on-year basis to $2 billion and revenue growing by $10 billion (roughly Rs. 77,603 crore) for the second year running to over $71 billion (roughly Rs. 5,50,981 crore).
“All main business groups were profitable for the full fiscal year – with strong growth momentum in mobile, infrastructure, and solutions and services businesses,” the company said.