Lenovo logs strong performance in July-September 2021 period

Lenovo logs strong performance in July-September 2021 period

AgenciesUpdated: Thursday, November 04, 2021, 03:55 PM IST
article-image
The total revenue for all Lenovo businesses in India was $621 million for the second quarter (July-September 2021), representing a year-on-year increase of 26.9 per cent, according to a statement. Representational image |

Lenovo announced it has logged a strong performance in the July-September 2021 period with total revenue at $621 million during the quarter.

The total revenue for all Lenovo businesses in India was $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 $17.86 billion in the September 2021 quarter, against $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 $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.

RECENT STORIES

India’s Festive Season To Create Over 2.16 Lakh Jobs In H2 2025, Driven B Retail, E-commerce And...

India’s Festive Season To Create Over 2.16 Lakh Jobs In H2 2025, Driven B Retail, E-commerce And...

Gold Drops ₹500 Amid Stockist Selling, Silver Falls ₹1,000 Despite Global Gains

Gold Drops ₹500 Amid Stockist Selling, Silver Falls ₹1,000 Despite Global Gains

Tech Mahindra Q1 FY26 Net Profit Rises 33.9% To ₹1,140.6 Crore; Revenue Grows Marginally To...

Tech Mahindra Q1 FY26 Net Profit Rises 33.9% To ₹1,140.6 Crore; Revenue Grows Marginally To...

Govt Approves ₹20,000 Crore Investment Power For NTPC To Add 60 GW Green Energy By 2032

Govt Approves ₹20,000 Crore Investment Power For NTPC To Add 60 GW Green Energy By 2032

Telecom Operator MTNL Defaults On ₹8,585 Crore Loans to 7 PSU Banks

Telecom Operator MTNL Defaults On ₹8,585 Crore Loans to 7 PSU Banks