India profits of Samsung, LG & Apple under stress

Three of the world’s largest consumer electronics brands – Apple, Samsung and LG – have reported pressure in profit of the India business in financial year 2021-22 (FY22), which industry executives said is due to all-time high component and commodity costs while ensuring competitive pricing to continue their pace of revenue growth in the country.

As per the latest regulatory disclosures to the Registrar of Companies (RoC), LG Electronics’ net profit in India declined by 23% to Rs 1,174 crore in 2021-22 and that of Samsung Electronics fell 4.9% to Rs 3,844 crore. Apple, which has been growing its net profit in India at a high double-digit pace, saw an almost flat year in FY22 – net profit rose 3% to Rs 1,263 crore. Apple’s net profit here had soared 32%in FY21 ona revenue growth of 68%.