Consumer technology major Lenovo on Wednesday said that it registered a total of $1.9 billion revenue in India in FY22-23.
After a year of industry and global uncertainties, Lenovo sais 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 per cent, 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 India traditional PC market, Lenovo was second with a 15.7 per cent share in Q1 2023 despite witnessing a decline of 37.5 per cent YoY, according to the latest IDC report.
NCLAT stays CCI ban on WhatsApp, Meta evaluating next steps
Mark Zuckerberg-run Meta on Thursday said it welcomes the decision of the National Company Law Appellate Tribunal (NCLAT) to stay the ban imposed by the Competition Commission of India (CCI) on WhatsApp and will evaluate next steps.
Elon Musk, Sam Altman fight over Stargate on social media
The xAI owner Elon Musk and OpenAI CEO Sam Altman are fighting on X about Stargate, the enormous infrastructure project to build data centres for OpenAI across the US.
Sensex jumps 566 points, Nifty holds at 23,000 as US tariff fears ease
The Indian stock market witnessed a roller-coaster ride on Wednesday, as benchmark indices Sensex and Nifty bounced back strongly in the latter half of the day after uncertainties over impending US trade tariff eased.
Trump 2.0 jitters: Sensex tanks over 1,200 points, Nifty ends at 23,024
As the new US President Donald Trump began his second innings with signing several executive orders along with sounding threats about impending trade tariffs on certain countries and BRICS nations, both Sensex and Nifty plunged on Tuesday.
Adani Energy Solutions wins its largest-ever Rs 25,000 cr Bhadla-Fatehpur HVDC project
Adani Energy Solutions Ltd (AESL) on Tuesday said it has won a Rs 25,000 crore Bhadla (Rajasthan)-Fatehpur (Uttar Pradesh) high voltage direct current (HVDC) order, its largest-ever order win to date.
Sensex opens higher as traders gear up for Trump’s inauguration
Indian benchmark indices opened higher on Monday, taking positive cues from its Asian peers, as traders geared up for Donald Trump's inauguration as the 47th US President.
Trump to delay TikTok ban, proposes US part-ownership
President-elect Donald Trump has vowed to issue an executive order delaying a looming ban on the widely popular app to allow time to "make a deal" and called for the US to take part-ownership in TikTok.
TikTok goes dark in US; users get 'not available right now' message
TikTok, headquartered in Los Angeles, warned Friday that it would be forced to shut down its services for the 170 million users in the United States on Sunday unless U.S. President Joe Biden provides a "definitive" assurance.