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ICICI Securities Report
Samsung India delivered revenue growth of 0.6% in FY21. We note revenue growth was impacted by lockdown in Q1 FY21 but recovered in H2 FY21 along with recovery in durables industry and pent-up demand.
Its gross margin and Ebitda margin expanded 179 basis points and 299 basis points YoY, respectively. Reduction in working capital by 19 days to 14 days in FY21 resulted in higher return ratios.
It continued to launch innovative products across segments, driving premiumisation. It consolidated market-leading positions in televisions and refrigerators.
Mobiles is largest segment with revenue share of 72.7%, whereas home appliances had revenue share of 10.4% in FY21. Domestic sales and exports were 65.4% and 34.6%, respectively, of net sales.
Samsung India has strong competitive advantages such as-
Samsung brand,
large distribution network,
strong research and development capabilities and
support of its parent.
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