Philips India reported a rise in revenue from operations

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Philips India has reported 4.6 per cent rise in revenue from operations at Rs 5,734 crore for FY23

Philips India Limited

Created at 23 Sep 2023 18:00

Philips India has disclosed a 4.6% increase in revenue from operations, totaling Rs 5,734 crore for FY23. However, the profit after tax (PAT) declined by 2.2% to Rs 260 crore, based on financial data sourced from the business intelligence platform Tofler.

In the preceding fiscal year, revenue from operations stood at Rs 5,481.4 crore, while PAT was recorded at Rs 265.9 crore.

Philips India, a subsidiary of the Dutch multinational company Koninklijke Philips N.V., reported an increase in other income to Rs 71.9 crore for FY23, marking a 10.95% growth compared to the previous year. Total income grew by 4.68% to reach Rs 5,805.9 crore. Total expenses also saw a rise, reaching Rs 5,485.1 crore, representing a 3.24% year-on-year increase.

Philips India operates in various verticals, including Personal Health, Health Systems, and Innovation Services, although it is not publicly traded.

Revenue from the Personal Health segment witnessed a decline of 13.78% in FY23, reaching Rs 774.6 crore, compared to Rs 898.5 crore in FY22. This segment includes products related to beauty and grooming, such as hairdryers, hair straighteners, hairbrushes, and beard trimmers. Additionally, it encompasses oral care products like electric toothbrushes and mother and child care items.

Similarly, the Health Systems segment saw a 4.42% decrease in revenue year-on-year, totaling Rs 2,649.3 crore in FY23. In this category, Philips is involved in medical electronic equipment, including Magnetic Resonance Imaging (MRI), ultrasound, and customer services.

"The addressable market has shown a high single-digit de-growth compared to the previous year due to the strong impact of increased healthcare needs during the pandemic," the company noted.

On the other hand, revenue from Innovation Services in FY23 surged by 27.35% to reach Rs 2,172.9 crore. Within this segment, Philips India is engaged in the development of embedded software. Furthermore, revenue from 'others' amounted to Rs 71.4 crore in FY23.

Philips India operates manufacturing facilities in Pune, Maharashtra, and maintains a Software Development Centre in Bengaluru.