LG seems to have all set to ensure its prominent place in Indian smartphone market, with the company shipping around 14.5 million smartphones in the second quarter of 2014.
The quarterly report of LG said that it has achieved almost 20 percent increase in year-over-year revenue and the company is planning to keep the momentum going by introducing new smartphones by the end of this financial year.
The company, based in Korea, has received an overwhelming response for the recently launched G3. Now LG is planning to introduce new variations of LG G3 and other L series models.
LG has recently launched two variants of G3 – 16 GB and 32 GB – priced at Rs 47990 and Rs 50990 respectively.
“G3 is the most important phone for the company this year. The device will take at least 40% of our overall smartphone business in the second half,” said Soon Kwon, managing director of LG India.
In a statement LG said that sales increased 16 percent from the same period last year to $ 3.51 billion, the highest since the first quarter of 2010. With G3, the company is planning to grab 10 percent market share in India.
LG officials said that the company would launch 25 smartphones by the end of this financial year, which would also include 4G LTE smartphones ranging from Rs 8000 to Rs 65000. The company is also aiming to grab 10 percent market share in India.
LG has roped in Amitabh Bachchan as brand ambassador for LG G3 and decided to release 15,000 limited edition smartphones with the signature of Bollywood icon.
The mobile division has registered an operating profit of USD 83.4 million in the second quarter, which put an end to three consecutive quarters of losses.
“We are expecting $ 415.9 million revenue this fiscal year from its smartphone business, triple from a year earlier. The company is investing $ 133 million for R&D and marketing its cell phones in 2014-2015,” Kwoon was quoted in ET.
LG has recorded a 165 percent increase in second-quarter net profit compared with the same period last year, reflecting strong earnings from both the TV and mobile operations.