LG Electronics India FY22 PAT falls 23% to Rs 1,175 crore; 10% of gross income | Bot To News

LG Electronics India’s profit after tax for FY22 fell 23.17 percent to Rs 1,174.7 crore, according to financial data accessed by business intelligence platform Tofler.

However, its total income rose nearly 10 percent to Rs 17,171.3 crore in the fiscal year.

The non-publicly listed company reported a profit after tax of Rs. 1,529 crore and its total income for the financial year ended March 2022 was Rs 15,621.1 crore.

LG Electronics India’s pre-tax profit of Rs. 1,589.8 crore and its tax expenditure was Rs.415.1 crore in 2021-22.

A wholly-owned subsidiary of South Korea-based LG Electronics, it is a strong brand in India operating across segments such as consumer electronics, home appliances, HVAC and IT hardware.

LG Electronics India’s home appliances and air solutions division’s total revenue stood at Rs 12,419.5 crore in the fiscal year.

Under the home appliances and air solutions segment, it sells products like refrigerators, washing machines, water purifiers and air purifiers.

In the financial year ended March 2022, the company’s total revenue from the home entertainment segment was Rs 4,416.2 crore.

LG Electronics India’s home entertainment segment includes products such as televisions, audio systems, DVDs, monitors, security cameras, hotel televisions, personal computers and optical disc drives.

Earlier, its revenue from the mobile communication segment, which sold GSM handsets, was Rs 133.3 crore.

LG Electronics has discontinued its mobile phone business. However, it continues to provide service support and software updates to existing customers.

During the year under review, its foreign exchange earnings from exports stood at Rs 976 crore.

“Foreign exchange outflow for import of goods and services was Rs 7,761.4 crore. Outflow was Rs 277.8 crore through royalty,” LG Electronics India said.

LG Electronics India was established in January 1997.

(Only the headline and image for this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from the aggregated feed.)

Source link