Lenovo’s India unit reported $1.9 billion in revenue for FY23. It manufactured over 5 million products in India. 

The PC maker, on a global level, for the fourth quarter recorded revenue of $12.63 billion, down 24 per cent from the same period a year ago, amid a cyclical slowdown in the PC segment. Revenue decreased 14 per cent for the entire year, the first annual decline since 2019.

“We have supported this growth by investing in nurturing local talent and capabilities in India and continue to expand our local manufacturing presence, with over 5 million products being made in India,” Shailendra Katyal, Managing Director, Lenovo India.

Lenovo’s ongoing journey of transforming into an end-to-end technology solutions company continues to gather remarkable momentum. While we are experiencing a cyclical slowdown in the PC segment, our growth engines of Solutions and Services Group (SSG), Motorola, and Infrastructure Solutions Group (ISG) have played a pivotal role in mitigating the downturn, he added. 

Also read: Lenovo to help revive millet farming in Kerala’s Kanthalloor

While the Group’s revenue was impacted due to the softness in the device market, revenue from non-PC businesses reached a fiscal year high of nearly 40 per cent, fueled by Lenovo’s diversified growth engines of Solutions and Services Group (SSG) and Infrastructure Solutions Group (ISG) growing revenue to record highs of $6.7 billion and $9.8 billion, respectively, up 22 per cent and 37 per cent YoY, the company said in its global release. 

Katyal further said, “By harnessing Lenovo’s perspective of new IT architecture and leveraging pocket-to-cloud offerings and solutions, we have gained a significant competitive edge, and we plan to drive it further as we innovate and bring newer, sustainable, and smarter solutions to meet our customers.”