LG Electronics India recorded a strong financial performance for FY24, with profit rising by 12.35% to ₹1,511.1 crore, while revenue from operations climbed 7.48% to ₹21,352 crore. The company’s income for the year reached ₹21,557.1 crore, reflecting a 7.2% increase. However, revenue from other sources saw a 16% dip, standing at ₹205.1 crore.
The company, fully owned by South Korea’s LG Electronics, reported an 11.9% increase in pre-tax profit, reaching ₹2,037.1 crore. Its tax expenses rose by 11.36%, amounting to ₹526 crore. Total expenditures grew 6.73% to ₹19,520 crore, despite a 4.6% reduction in advertising costs to ₹254.8 crore and a 10.14% rise in sales promotion spending, which reached ₹686 crore.
There are reports that LG Electronics is considering an Initial Public Offering (IPO) for its India business, highlighting the brand’s prominent position in sectors like consumer electronics, home appliances, HVAC systems, and IT hardware in India.
The home appliances and air solutions division generated the largest share of revenue for LG Electronics India, contributing ₹15,681.1 crore. This division includes products such as refrigerators, washing machines, water and air purifiers, compressors, ceiling fans, and air conditioners. The home entertainment segment, comprising televisions, audio systems, monitors, and personal computers, contributed ₹5,672.3 crore.
In FY24, LG Electronics India earned ₹1,086.1 crore in foreign exchange through exports. The company recorded a foreign exchange outflow of ₹8,654.4 crore for imports and service payments, with an additional outflow of ₹375.5 crore for royalties paid to LG Electronics Inc. for technology and brand licensing.
LG Electronics India, a subsidiary of the South Korean conglomerate the company, is one of India’s leading consumer electronics and home appliances companies. Since its entry into the Indian market in 1997, it has become a household name, offering a diverse range of products including televisions, refrigerators, washing machines, air conditioners, and mobile devices.
Known for its commitment to quality, innovation, and customer satisfaction, the company has continually introduces technology-driven products tailored to the preferences and needs of Indian consumers, such as energy-efficient appliances and air purifiers designed for the country’s climate.
LG has established an extensive distribution and service network across India, ensuring accessibility and reliable after-sales support. With a focus on sustainability, the company has integrated eco-friendly practices and energy-saving technologies into its operations and products. LG Electronics India remains dedicated to enhancing the lifestyles of its customers through advanced technology and exceptional service.
