LG Electronics India FY24 revenue rises 7.5% to ₹21,352 crore, profit grows 12.3% to ₹1,511 crore

Leading appliance maker LG Electronics India reported a 12.35% rise in profit to ₹1,511.1 crore for FY24, and its revenue from operations grew 7.48% to ₹21,352 crore, according to financial data accessed by the business intelligence platform Tofler.

The company, which is not publicly listed, had posted a profit after tax at ₹1,344.9 crore and its revenue from operations stood at ₹19,864.6 crore for the financial year that ended in March, 2023.

LG Electronics India’s total income for FY24 increased 7.2% to ₹21,557.1 crore, while its revenue from other income sources registered a 16% decline at ₹205.1 crore.

The pre-tax profit of the company, a wholly-owned subsidiary of South Korea-based LG Electronics, increased by 11.9% to ₹2,037.1 crore.

The total tax expense of LG Electronics India in FY24 rose by 11.36% to ₹526 crore as against ₹472.3 crore a year ago.

LG Electronics India's total expenses increased 6.73% in FY24 to ₹19,520 crore as against ₹18,288.3 crore in the previous year.

Its advertisement expenditure dropped by 4.6% to ₹254.8 crore, while spending on sales promotion increased 10.14% to ₹686 crore.

According to some media reports, its parent company and South Korea-based chaebol LG Electronics is gearing up for an Initial Public Offering (IPO) of its India business.

LG Electronics, is a formidable brand in India, operating in segments, including consumer electronics, home appliances, HVAC systems, and IT hardware.

Segment-wise, LG Electronics India's total revenue from the Home appliances and air solution division in FY24 stood at ₹15,681.1 crore.

Under the home appliances and air solution division, it sells products such as - refrigerators, washing machines, cooking and cleaning, water purifiers, air purifiers, compressors and motors, ceiling fans, and air conditioners.

Its revenue from the home entertainment division stood at ₹5,672.3 crore for the financial year that ended on March 31, 2024.

LG Electronics India's home entertainment division has products such as - televisions, audio systems, monitors, security camera, hotel televisions, personal computers, and optical disk drives.

During the year under review, LG Electronics India generated foreign exchange earnings of ₹1,086.1 crore through exports.

"The Foreign Exchange outflow for Import of Goods & payment for services was ₹8,654.4 crore & the Outflow on account of Royalty was ₹375.5 crore," it said.

LG Electronics India has to pay royalties to its South-based parent firm LG Electronics Inc. for the use of technology and brand name as per the license agreement.