Lenovo businesses in India registered $621 mn revenue in Sept quarter

Tech major Lenovo on Thursday said it has logged a strong performance in the July-September 2021 period with total revenue at USD 621 million during the quarter.

The total revenue for all Lenovo businesses in India was USD 621 million for the second quarter (July-September 2021), representing a year-on-year increase of 26.9 per cent, according to a statement.

Businesses and consumers in India are rapidly evolving their relationship with technology, and this accelerated transformation is creating new opportunities for Lenovo across our business segments, Lenovo India Managing Director Shailendra Katyal told PTI.

He added that to realise these opportunities, Lenovo is investing significantly in innovation across its business as it progresses from a device company to an integrated services and solutions provider.

"We leverage technology to empower businesses both large and small, the communities they serve, and the individuals who are creating the future," he said.

Lenovo Group has announced record quarterly results for the group globally, with "historic highs for both profit and revenue".

The company's operational excellence, innovation, and strong execution underpin the improvements across all key business groups, despite wider industry supply challenges, it said.

"These, together with the opportunities created by accelerated digitalisation, intelligent transformation, and IT upgrades in devices, infrastructure, and applications around the world continue to fuel the group's long-term and sustainable profitability increases," the statement said.

Lenovo's group revenue increased 23 per cent to USD 17.86 billion in the September 2021 quarter, against USD 14.51 billion in the year-ago period.
Its net income (profit attributable to equity holders) jumped 65 per cent to USD 512 million in the the quarter under review from USD 310 million in the year-ago period.

Lenovo's research and development (R&D) investment greatly increased by almost 60 per cent, Lenovo Chairman and CEO Yuanqing Yang said.

"Looking ahead, we will continue to drive to our goal to double R&D spending over three years, and further drive our service-led intelligent transformation," he added.