Ericsson India's Q3 sales rise to approximately Rs 7,400 crore, growing 3.5 times

According to the financial report released on Tuesday, 17 October, 2023, Swedish telecom equipment manufacturer Ericsson experienced remarkable growth in net sales in India during the third quarter ending on September 30, 2023. The figures climbed over 3.5 times, amounting to approximately INR 7,400 crore or 9.6 billion Swedish Krona (SEK). In the same quarter of 2022, Ericsson had contributed 4 percent of its total net sales, equivalent to 2,721.6 million SEK (approximately Rs 2,100 crore), from its operations in India.

On a global scale, Ericsson's net sales in the third quarter of 2023 declined by 5 percent, totaling 64.5 billion SEK. This dip was primarily due to a significant reduction in business activities in North America, although it was partially offset by sales growth in Southeast Asia, Oceania, and India.

Ericsson's President and CEO, Börje Ekholm, attributed the sharp decline in North American sales to a 60 percent year-on-year decrease. This decrease resulted from customer inventory adjustments and a slower deployment pace. However, the decline in North America was offset by the growth observed in India and the resumption of investments in some early 5G markets.

In the Southeast Asia, Oceania, and India region, net sales witnessed impressive year-on-year growth, surging by 74 percent to reach 13,764 million SEK during September 2023, compared to 7,914 million SEK from a year ago.

India retained its position as Ericsson's second-largest market, with net sales in the country accounting for 15 percent of the total net sales during the third quarter of 2023. This translates to a business worth 9,671 million SEK, which, at the current exchange rate, is equivalent to nearly Rs 7,400 crore.