LG Company’s Sales Increased 12% After 3 Years Of Lull Growth
The company’s sales increased 12 per cent to Rs 12,958.6 crore in the last fiscal year ended March, 2015.
Profit after tax rose 20 per cent to Rs 761 crore. Segment-wise, LG India’s sales expanded 16 per cent in air-conditioning, 12 per cent in home appliances and 11 per cent in home entertainment.
Meanwhile, Smartphone business grew 12 per cent.
The strong show comes after three years of struggle for the company, as sales remained flat with it failing to overcome poor consumer sentiment. Struggling to position itself as a premium brand, LG exited the old-box CRT televisions, while its performance in smartphones remained poor.
Ace rival Samsung had in the meantime galloped ahead in the Indian market, riding high on its smartphone business. LG India is targeting more than 20 per cent growth in the current fiscal year under new managing director, Kim Ki-Wan.