Lenovo India logs $2.2 bn in sales with 38% YoY growth

Sarkaritel
By Sarkaritel May 26, 2022 17:59

Lenovo India logs $2.2 bn in sales with 38% YoY growth


New Delhi, May 26 (IANS) Global technology brand Lenovo Group on Thursday reported record fiscal year results, with historic highs on both profit and revenue fronts, as its India business reached record high.

The total revenue for all Lenovo businesses in India was $2.2 billion for the full fiscal year ending March 31, representing a year-on-year increase of 38 per cent.

It was supported by nearly doubling the volume of manufactured PCs and smartphones in India while increasing locally manufactured tablets manifold, said the company.

“Our 38 per cent increase in revenue for FY21/22 clearly shows that Lenovo is meeting the expanding need for transformational technology solutions in India,” said Shailendra Katyal, Managing Director, Lenovo India.

“Additionally, this year our service-led transformation strategy has shown concrete results, with a 58 per cent rise in our services booking revenue,” he informed.

Globally, annual net income reached the $2 billion mark, up 72 per cent year-on-year, with revenue growing by $10 billion for the second year running to reach $71 billion, the company said in a statement.

“Although last year was challenging for the world, with the accelerated global digital and intelligent transformation, Lenovo delivered a record year of profit and revenue,” said Yuanqing Yang, Lenovo Chairman and CEO.

“We will capture this window of opportunity, double our R&D investment, drive service-led transformation, realise our ESG goals, and stay flexible and resilient to bring the entire company to new heights,” Yang added.

Lenovo said it navigated industry-wide supply shortages, pandemic disruption, geopolitical uncertainties, and higher inflation to deliver a record year.

Sarkaritel
By Sarkaritel May 26, 2022 17:59