LG Electronics India Sees Profitable Growth in FY24 Amidst IPO Speculations

LG Electronics India reported a 12.35% profit increase to Rs 1,511.1 crore for FY24, with a 7.48% revenue rise. While advertisement spending dropped, sales promotions rose significantly. The company is gearing up for a potential IPO, expanding its stronghold in consumer electronics and home appliances.

LG Electronics India has achieved a notable financial performance in FY24, marking a 12.35 percent surge in profit, totaling Rs 1,511.1 crore, alongside a 7.48 percent revenue uptick reaching Rs 21,352 crore.

The consumer electronics giant operates across various segments and is preparing for an Initial Public Offering (IPO) according to media reports, suggesting a strategic expansion in the Indian market.

Despite a cutback on advertising, the company has bolstered its sales promotions by over 10 percent, aiming to enhance its market presence and profitability amidst competitive industry dynamics.

(With inputs from agencies.)