Lenovo India logs $1.9 bn in FY23, over 5 mn products being made locally

New Delhi: Consumer technology major Lenovo on Wednesday said that it registered a total of $1.9 billion in revenue in India in FY22-23.

After a year of industry and global uncertainties, Lenovo says it is witnessing positive signs of the market stabilising and expects the entire PC and smart devices market to resume year-to-year growth in the second half of 2023.

“While we are experiencing a cyclical slowdown in the PC segment, our growth engines of Solutions and Services Group (SSG), Motorola, and Infrastructure Solutions Group (ISG), have played a pivotal role in mitigating the downturn,” Shailendra Katyal, Managing Director, Lenovo India, said in a statement.

“We have supported this growth by investing in nurturing local talent and capabilities in India and continue to expand our local manufacturing presence, with over 5 million products being made in India,” he added.

While Group revenue was impacted due to the softness in the device market, revenue from non-PC businesses reached a fiscal year high of nearly 40 percent, fuelled by Solutions and Services Group (SSG) and Infrastructure Solutions Group (ISG).

“Our clear strategy is working, and our operation is resilient, even in the face of global uncertainties. Going forward, we will continue to invest in R&D to capture the next wave of growth opportunities, so we are well prepared for the future,” said Yuanqing Yang, Chairman, and CEO.

In the Indian traditional PC market, Lenovo was second with a 15.7 percent share in Q1 2023 despite witnessing a decline of 37.5 percent YoY, according to the latest IDC report.