LG Electronic India FY22 PAT falls 23% to Rs 1,175 cr

LG Electronics India’s profit after tax for FY22 declined 23.17 per cent to Rs 1,174.7 crore, according to financial data accessed by the business intelligence platform Tofler.

However, its total income rose nearly 10 per cent to Rs 17,171.3 crore in FY22.

The company, which is not a publicly listed entity, had posted a profit after tax of Rs 1,529 crore, and its total income was Rs 15,621.1 crore for the financial year that ended in March 2022.

LG Electronics India’s profit before taxes was Rs 1,589.8 crore, and its tax expenses stood at Rs 415.1 crore in 2021-22.

A wholly-owned subsidiary of South Korea-based LG Electronics, it is a formidable brand in India, operating in various segments, such as consumer electronics, home appliances, HVAC and IT hardware.

LG Electronics India’s total revenue from the home appliances and air solution division was Rs 12,419.5 crore in FY22.

Under the home appliances and air solution division, it sells products like refrigerators, washing machines, water purifiers and air purifiers, among others.

The company’s total revenue from the home entertainment division was Rs 4,416.2 crore for the financial year that ended in March 2022.

LG Electronics India’s home entertainment division has products such as – televisions, audio systems, DVDs, monitors, security cameras, hotel televisions, personal computers and optical disk drives.

Its revenue from the mobile communications division, under which it was earlier selling GSM handsets, was Rs 133.3 crore.

LG Electronics has discontinued its mobile phone business. It, however, continues to provide services support and software updates for existing customers.

During the year under review, its foreign exchange earnings by export were Rs 976 crore.

“The Foreign Exchange outflow for Import of Goods & payment for services was Rs 7,761.4 crore. The outflow on account of royalty was Rs 277.8 crore,” LG Electronics India said.

LG Electronics India was established in January 1997. PTI