Lenovo India revenue up 38% to Rs 17,000 cr in FY22 on increased production

PC maker Lenovo India has recorded 38 per cent increase in revenue to USD 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 USD 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 per cent to 7.52 lakh PC units and it held 17.6 per cent market share in the March quarter of 2022.

“Our 38 per cent 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 per cent 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 per cent year-on-year basis to USD 2 billion and revenue growing by USD 10 billion for the second year running to over USD 71 billion.

“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.