 "Samsung banks on loyalty to overcome Galaxy Note 7 backlash")
Samsung India Electronics saw its net profit jump 115% in 2015-16, from documents available at the registrar of companies (RoC), ministry of corporate affairs.
It had Rs 3,010 crore net profit, from Rs 1,398 crore a year before. Revenue grew 19.2% to Rs 47,001 crore. Revenue and profit had fallen in 2014-15, year on year. It is the largest consumer durables maker in the country.
During 2015-16, Samsung’s share surged to 29% in the smartphones market; it emerged a clear challenger to Apple in the premium (above Rs 30,000) handsets market.
The latest financial numbers, however, do not reflect the effects of the Note 7 fiasco in September. Analyst agencies believe it might have to forgo sales in the range of Rs 700 to Rs 6,500 crore in the current financial year.
"Samsung India has been performing consistently well over the years as we work closely with partners to bring to our consumer products that transform their lives. We offer our consumers a range of meaningful products across categories - mobile phones to consumer electronics - and across price points so that we are able to touch more people's lives. Our endeavour to 'Make in India' products that are 'Make for India' has been given a thumbs up by our consumers, which is reflected in our performance. We will continue to introduce meaningful innovations in the future. This year too, Samsung India is headed for record sales, thanks to a very successful festival season (Diwali), and high demand for our products throughout the year", a Samsung India spokesperson replied to an email.
"Samsung India has been performing consistently well over the years as we work closely with partners to bring to our consumer products that transform their lives. We offer our consumers a range of meaningful products across categories - mobile phones to consumer electronics - and across price points so that we are able to touch more people's lives. Our endeavour to 'Make in India' products that are 'Make for India' has been given a thumbs up by our consumers, which is reflected in our performance. We will continue to introduce meaningful innovations in the future. This year too, Samsung India is headed for record sales, thanks to a very successful festival season (Diwali), and high demand for our products throughout the year", a Samsung India spokesperson replied to an email.
