Lenovo logs $400 mn quarterly revenue across portfolios in India

NEW DELHI: Global technology company Lenovo Group on Friday reported revenue of $15.3 billion and net income of $437 million in the third quarter (Q3) of FY22-23, signalling strong momentum for its services and solutions business.

With total revenue of over $400 million across all Lenovo portfolios in India in Q3, the company continues to see good growth in the country.

"We are committed to investing in capability building to deliver for our customers beyond end-point devices and achieve our service-led transformation objectives with a broad suite of pocket-to-cloud offerings," said Shailendra Katyal, Managing Director, Lenovo India.

"With the help of new IT solutions, we are on our journey to becoming an end-to-end technology partner that enables intelligent transformation for our customers," Katyal added.

The global revenue from non-PC businesses reached a high of 41 per cent while its diversified growth engines of Solutions and Services Group (SSG) and Infrastructure Solutions Group (ISG) grew revenue to record highs of $1.8 billion and $2.9 billion, respectively, up 23 per cent and 48 per cent year-on-year.

"Our diversified growth engines of non-PC business now account for over 40 per cent of our group revenue and are driving solid profitability. Despite the complex macro environment, we retained our market leadership in PCs," said Yuanqing Yang, Chairman and CEO.

While the industry faces significant macroeconomic pressures, Lenovo sees long-term opportunities ahead as the global trends of digitalisation and intelligent transformation continue to accelerate and IT spending is expected to recover to a moderate growth rate in the mid-to-long term.

The company expects year-on-year growth to resume in the second half of the calendar year with end-user demand to be higher than pre-Covid levels.