Ericsson logo.
Credit: Reuters Photo
New Delhi: Swedish telecom gear maker Ericsson's net sales in India grew over 3.5 times to about Rs 7,400 crore (9.6 billion Swedish Krona) in the third quarter ended September 30, as per its financial report released on Tuesday.
Ericsson had recorded 4 per cent of total net sales contribution of 2,721.6 million SEK (about Rs 2,100 crore) from India for the September 2022 quarter.
The net sales of Ericsson at the global level during the September 2023 quarter fell by 5 per cent to 64.5 billion SEK due to a sharp decline of business in North America, which was partly offset by sales in South East Asia, Oceania and India.
'Networks organic sales in North America were down by 60 per cent YoY (year-on-year) from a record quarter in September 2022 quarter, due to customers' inventory adjustments and a slower deployment pace. The decline in North America was partly offset by growth in India as well as some early 5G markets resuming investments,' Ericsson President and CEO Brje Ekholm said.
The net sales in South East Asia, Oceania and India grew by 74 per cent on a year-on-year basis to 13,764 million SEK during September 2023 from 7,914 million SEK a year ago.
India remained the second biggest market for Ericsson. The net sales in the country accounted for 15 per cent of the total net sales during the September 2023 quarter, implying a business of 9,671 million SEK, which at present exchange rate is close to Rs 7,400 crore.