Philips India FY23 revenue jumps nearly 5% to Rs 5,734 crore

Philips India on Friday reported a 4.6 per cent increase in revenue from operations at Rs 5,734 crore, according to financial data accessed by the business intelligence platform Tofler. However, the profit after tax (PAT) declined by 2.2 per cent to Rs 260 crore.

In comparison, the company’s revenue in FY22 stood at Rs 5,481.4 crore while its PAT was Rs 265.9 crore.

Philips India, a subsidiary of the Dutch multinational company Koninklijke Philips NV, reported other income of Rs 71.9 crore in FY23, marking a 10.95 per cent increase from the previous year. The total income also grew by 4.68 per cent to Rs 5,805.9 crore, while total expenses came in at Rs 5,485.1 crore, a 3.24 per cent YoY increase.

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

The revenue from the Personal Health segment experienced a decline of 13.78 per cent in FY23, which came in at Rs 774.6 crore, down from Rs 898.5 crore in FY22. This segment includes beauty and grooming products like hairdryers, straighteners, and beard trimmers, as well as oral care items like electric toothbrushes and mother and childcare products.

Similarly, the Health Systems segment saw its revenue drop by 4.42 per cent YoY to Rs 2,649.3 crore in FY23. This segment focuses on medical electronics equipment such as Magnetic Resonance Imaging (MRI), ultrasound machines, and customer services. The report attributed this decline to a high single-digit reduction in the addressable market compared to the previous year, despite creased healthcare needs during the pandemic.

Additionally, revenue from Innovation Services surged by 27.35 per cent in FY23 to Rs 2,172.9 crore. In this segment, Philips India concentrates on the development of embedded software. Furthermore, revenue from other sources amounted to Rs 71.4 crore in FY23.

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

(With PTI inputs)