Samsung agrees to comply with local laws and regulations and apply a strict global code of conduct to all employees. He believes that ethical management is not just a tool for responding to rapidly changing global business environments.
But also a vehicle to build confidence with its diverse stakeholders, including customers, shareholders, employees, business partners, and local communities.
To become one of the most ethical societies on the planet. Samsung trains employees and operates monitoring systems while practising fair and transparent business management.
Samsung Surpassed Maruti Suzuki
According to the latest regulatory filings, Samsung India Electronics overtook Maruti Suzuki India to become India’s largest global consumer company in 2020-21.
The sales gap between the two companies decreased over the past few years by around ₹200 crores in 2019-2020.
Samsung India’s revenue from operations in FY21 surged marginally by 0.5% to ₹75,886 crores,” as per filings made to the Registrar of Companies and accessed by business intelligence platform Tofler.
Maruti Suzuki’s revenues fell 7% to ₹70,333 crore due to lower unit sales, with a loss of one quarter due to COVID-19 containment over the period under review.
According to published results, the country’s largest automaker’s domestic sales volume in FY2021 was 6.8% lower, and exports were 5.9% lower than 2019-20.
Unlike Maruti, the pandemic favoured Samsung because of the strong demand for smartphones and other electronic devices on the back of the ever-increasing digitization, especially last year.
Due to the pandemic, the shift to work, and education from home, consumers buy large-screen television sets to fulfil their entertainment needs and more significant.
Samsung India Revenue increased in FY21
The net profit of Samsung India increased by 39% to ₹4041 crores in FY21 because it managed costs and led to sales of more premium products.
The company, in its filings, said, “it is the most significant player in the television segment, overall refrigerators along with frost-free and side-by-side range, in tablets and has strengthened the presence in smartphones”.
“In terms of the total number of units sold, Samsung Xiaomi’s competitor is ahead of the global smartphone segment, even if it was behind Samsung in sales until FY20. Xiaomi’s financials for FY21 are still not yet available.
Samsung’s mobile phone business is also much larger than sales of India’s largest packaged consumer goods company Hindustan Unilever or conglomerate ITC Ltd.
Samsung’s mobile phone business grew by 6% year-on-year in FY21 at ₹55,397 crores, whereby its contribution to total sales went up to 73%, a jump of three percentage points over FY20. HUL sales in FY21 were ₹45,996 crores, while ITC sales were ₹48,525 crores.
Samsung, in the filings, indicated that it is amending the company’s Memorandum of Association which will allow “it to undertake newer businesses like selling advertising space and create or source content which will be delivered to TV, mobile phones and other connected devices.”
Read More: Xiaomi’s Redmi Note 11 Series: Leaks
