LG India sees growth after three years of flat business

After three years of flat growth, LG Electronics India posted strong growth in sales and profit in fiscal 2015 with the Registrar of Companies (RoC), which states 12% growth of Rs 12,958.6 crore in the last fiscal year ended March, 2015.

LG has been pursuing high-priced products but also launching mass premium products such as a single-door refrigerator with added feature or new colours and design at a slightly higher price, which adds to higher margin leading to better profitability.

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The strong performance comes after three years of struggle for the company, as sales remained flat with it failing to overcome poor consumer sentiment. Struggling to position itself as a premium brand, LG exited the old-box CRT televisions, while its performance in smartphones remained poor.

Ace rival Samsung had in the meantime galloped ahead in the Indian market, riding high on its smartphone business.

LG is among the top three brands in LED televisions in India, while it is the market leader in refrigerators, washing machines and microwave ovens. In smartphones, LG has around a 2% share and is targeting 10% by end-2016.