Lenovo Delivers Another Record Year – Crossing the US$70 Billion Revenue Milestone and Reaching US$2 Billion in Net Income

Lenovo has had a strong financial year in India, with broad-based growth across all business units and segments. The total revenue for all Lenovo businesses in India was US$2.2 billion for the full fiscal year ending March 31, 2022, representing a year-on-year increase of 38%. This was supported by nearly doubling the volume of manufactured PCs and smartphones in India while increasing locally manufactured tablets manifold.

“Our 38% increase in revenue for FY 21/22 clearly shows that Lenovo is meeting the expanding need for transformational technology solutions in India,” said Shailendra Katyal, Managing Director, Lenovo India. “Additionally, this year our service-led transformation strategy has shown concrete results, with a 58% rise in our services booking revenue. In every sector of society – whether it be education, healthcare, manufacturing, retail, entertainment, or any of India’s growing industries – technology from Lenovo is helping people live, work, play, and study smarter.” 

This is the global press release stating more about Lenovo’s global revenue:

HONG KONG, May 26, 2022– Lenovo Group (HKSE: 992) (ADR: LNVGY) today announced record fiscal year results for the Group, with historic highs for both profit and revenue. Annual net income reached the US$2 billion mark, up 72% year on year, with revenue growing by US$10 billion for the second year running to over US$71 billion. All main business groups were profitable for the full fiscal year – with strong growth momentum in mobile, infrastructure, and solutions and services businesses.

Lenovo successfully overcame macro-environmental challenges and demonstrated both agility and resilience as it navigated industry-wide supply shortages, pandemic disruption, geopolitical uncertainties, and higher inflation to deliver a record year.

The digital and intelligent transformation trend continues to accelerate, presenting the Group with strong growth opportunities. More than 50% of companies now have digitalization as part of their corporate strategy, up from just over one-third two years ago. The hybrid work model is a long-term change that will continue to drive strong demand not only for smart devices and data center infrastructure, but also for scenario-driven solutions such as smart collaboration, smart home, and smart office.

Lenovo continued to strengthen its competitiveness to drive sustainable profitable growth. It has already made strong progress toward doubling R&D investments within three years from fiscal year 2021/2022, up 43% year on year to US$2 billion. And will continue to realize its ESG goals and commitments. The company is confident that by leveraging its clear strategy, competing with its unique competitive advantage of global-local model, and the right balance between innovation and efficiency, it can overcome any challenges to capture opportunities.

Lenovo’s Board of Directors declared a final dividend of 3.8 US cents or 30.0 HK cents per share for the fiscal year ended March 31, 2022.

Financial Highlights:

Chairman and CEO quote – Yuanqing Yang:

“Although last year was challenging for the world, with the accelerated global digital and intelligent transformation, Lenovo delivered a record year of profit and revenue,” said Yuanqing Yang, Lenovo Chairman and CEO. “All our main businesses are now profitable for the full year, and our new growth engines – SSG, ISG and Mobile – are showing strong momentum. We will capture this window of opportunity, double our R&D investment, drive service-led transformation, realize our ESG goals, and stay flexible and resilient to bring the entire company to new heights.”