Philips Crosses Billion Dollar Sales Mark In India
The overall Philips operation in India filed revenue of Rs 7025.89 croreJanuary 12, 2018 | comments ( 0 ) |
Dutch healthcare, consumer and lighting products maker Royal Philips crossed the billion dollar sales mark in India in FY17 after more than eight decades of setting up operations in the country.
As per latest regulatory filings, Philips’ total sales in the Indian market grew by 11.8% in the fiscal year ended March 2017, despite intense competition in the LED lamp and luminaire segment from Chinese and local brands and demonetisation impacting sentiments. Philips had demerged the lighting business last fiscal into a separate entity, Philips Lighting India, as part of a global restructuring process and Philips India is continuing with the consumer products and healthcare businesses. As per filings made with the Registrar of Companies, Philips India reported sales of 3,698.87 crore while Philips Lighting India did sales of Rs 3,327.02 crore in FY17.
The overall Philips operation in India filed revenue of Rs 7,025.89 crore. In the previous fiscal (2015-16), the two businesses, which were then under Philips India, had reported sales of Rs 6,281.9 crore for Philips in India.
CM Singh, a veteran industry executive and advisor at Videocon “Philips lost out in India since it was not able to shape its product portfolio with the growth categories such as ACs and refrigerators, which have become a bigger category and are growing faster than television”.
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