Philips India FY23 revenue up 4.6% to Rs 5,734 crore, profit down 2%

Philips India has reported 4.6 per cent rise in revenue from operations at Rs 5,734 crore for FY23, though the profit after tax (PAT) was down 2.2 per cent to Rs 260 crore, according to financial data accessed by business intelligence platform Tofler.

Revenue from operations was at Rs 5,481.4 crore in FY22 and PAT was at Rs 265.9 crore.

Philips India is a subsidiary of Dutch multinational company Koninklijke Philips N.V.

Philps India's other income in FY23 was at Rs 71.9 crore, up 10.95 per cent from a year ago. Total income was up 4.68 per cent to Rs 5,805.9 crore. Total expenses were at Rs 5,485.1 crore, higher by 3.24 per cent year-on-year.

Philips India, which operates in verticals Personal Health, Health Systems and Innovation Services, is not publicly listed.

Its revenue from Personal Health segment was down 13.78 per cent in FY23 to Rs 774.6 crore. It was at Rs 898.5 crore in FY22.

Philips' Personal Health business includes the beauty and grooming segment, with products such as hairdryers, hair straighteners, hairbrushes, beard trimmers. Its health business also includes oral care -- electric toothbrushes, and mother and child care products.

Similarly, Health Systems' revenue was down 4.42 per cent year-on-year to Rs 2,649.3 crore in FY23. Under this section, Philips is in the field of medical electronics equipment such as Magnetic Resonance Imaging (MRI), ultrasound and customer services.

"The addressable market has shown a high single-digit de-growth in comparison to the previous year, the strong tailwinds on account of the acute increase in healthcare needs during the pandemic," it said.

However, revenue from Innovation Services in FY23 was up 27.35 per cent to Rs 2,172.9 crore. Under this segment, Philips India woks on the development of embedded software.

Its revenue from ‘others' was at Rs 71.4 crore in FY23.

Philips India has manufacturing facilities in Pune, Maharashtra, and Software Development Centre in Bengaluru.