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Samsung Overtakes ITC to Become Second-largest Consumer-facing Products Company in India

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Samsung has overtaken ITC to become India’s second-largest consumer-facing products company by revenues, and now looks set to better Maruti this fiscal to take the top slot. The South Korean consumer electronics and smartphone maker reported revenues of Rs40,392 crore from its India operations for 2013-14, 45% higher than the previous year, according to latest filings with the Registrar of Companies. As per industry estimates, around half of Samsung India’s revenues came from ‘made in India’ products.

Tobacco-to-FMCG conglomerate ITC’s total income for last fiscal stood at Rs 34,345.74 crore while carmaker Maruti Suzuki had reported revenues of Rs 44,523.53 crore. Samsung India management is confident about overtaking Maruti Suzuki in sales this fiscal, with its sales, driven by mobile phones, continuing to grow in double digits even as the car market is struggling, industry insiders said. “A couple of months of poor sales will not have any immediate impact on Samsung and the company is confident to become the country’s largest consumer-facing firm and MNC this fiscal, more so since the automobile sector is still grappling with poor sales,” said one of the top trade partners of Samsung India. Original post at ET Telecom

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Wahengbam Rorrkychand

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