Consumer durables company LG Electronics India posted a net profit of INR 1,534.50 crore in FY19, clocking 5.52 per cent growth over the previous fiscal.
The company, which is a wholly-owned subsidiary of South Korean consumer durables major LG Electronics, had reported a net profit ofINR 1,454.20 crore in FY18. Total revenues for FY19 stood at INR15,945.20 crore, according to the company’s regulatory filings with the Registrar of Companies (RoC) and sourced by business intelligence platform, Tofler.
It had posted a total revenue of INR 16,059 crore in FY18. The company said the revenue for FY19 is not comparable with previous fiscal years due to the implementation of GST.
The consumer durable major has been focussing on premium products backed by the latest technologies, as well as energy-efficient products across categories over the past few years. For instance, the company was the first brand to switch over to inverter split air-conditioners after stopping the manufacture of fixed speed split air-conditioners.
India is currently among the top five markets for the Korean consumer durable major. Beyond its core products, LG India recently forayed in a new category with the launch of IoT-enabled ceiling fans. It has also been strengthening its position in water and air purifiers, besides eyeing a bigger pie of the B2B segment.
When contacted, a spokesperson for LG India said: “LG Electronics has been consistently strengthening its market leadership in the consumer durable industry. We offer an exhaustive product portfolio based on Indian insights, backed by strong and robust after-sales service. We have a long-term vision and focus on consistently strengthening our market leadership by serving millions of satisfied consumers.” (Business Line)
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