Consumer electronics major Lenovo on Thursday reported a stellar $1.66 billion revenue for all its businesses in India for the financial year that ended on March 31, as remote work and learning continued in the pandemic.
The company represented year-on-year growth of 14.5 per cent for the full year, logging $399.5 million in revenue for Q4 (representing year-on-year growth of 76.9 per cent).
"We saw strong demand across businesses in India over the past four quarters. As individuals, companies, and institutions address the demands of the ongoing pandemic, they are transforming their relationship with technology," said Shailendra Katyal, Managing Director, Lenovo PCSD India and Site Leader, Lenovo India.
According to Tarun Pathak, Research Director at Counterpoint Research, work from home and e-learning helped Lenovo grew in India as its product offerings fit really well within segments that were high in demand in a pandemic era.
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"The company rightly anticipated the trends as well. It touched multiple price tiers ranging from tablets, notebooks and Chromebooks that grew faster. Overall, it was a robust quarter across different regions for them," Pathak told IANS.
Globally, the fourth quarter group revenue grew at 48 per cent (YoY) to $15.6 billion.
The Q4 results closed out a record year, with annual group revenue surging past $60 billion, adding more than $10 billion on the previous fiscal year.
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The company reported its best fourth quarter ever for PC and smart Devices (PCSD) with $12.4 billion in revenue, up 46 per cent (YoY) and profitability at an all-time high of 6.7 per cent.
"These historic highs were achieved by leveraging our core competencies of a clear strategy, innovative products, operational excellence, and global-local model to meet the new needs in the New Normal," said Yuanqing Yang, Lenovo Chairman and CEO.
"Looking forward, we will capture the huge growth opportunities created by the market trends of information consumption upgrade, infrastructure upgrade and application upgrade to drive long-term sustainable growth and ensure we can build an even smarter future in the years ahead," Yang added.
