South Korean electronics major Samsung posted a 27% jump in revenue for its mobile-phone business in India for the year ended March 2017 and the company is hopeful of a similar feat this financial year.
Samsung India posted revenue of over Rs 340 billion (US$5.3 billion) for the year ended March 2017, helped by local manufacturing and expansion of its retail channels, reports Economic Times.
Samsung India’s overall revenue for the fiscal year 2017 was about Rs 570 billion ($8.9 billion), a 20% increase and marginally ahead of the 19% growth of Rs 470 billion ($7.34 billion) in 2015-16. Mobile phones accounted for about 60% of Samsung’s overall business.
Samsung has been a dominant player in the Indian mobile-phone market, but has faced stiff competition of late from Chinese groups such as Xiaomi, Lenovo, Oppo and Vivo, who collectively enjoy over half of the market.
A third-quarter report released by research firm International Data Corporation (IDC) in November said Samsung and Xiaomi both enjoy a 23.5% market share each, followed by Lenovo (9%), Vivo (8.6%) and Oppo (7.9%). In the first quarter Samsung enjoyed a market share of 26%, while Xiaomi had 13%.
Samsung’s best selling brands were Galaxy J2, Galaxy J7 Nxt and GalaxyJ7 Max and those three items contributed to almost 60% of its sales volume.