APRIL 20248TOP STORIESTVS MOTORS APPOINTS TWO INDEPENDENT DIRECTORS TO ITS BOARDSAMSUNG ON TRACK TO HIT RS.80,000 CRORE REVENUE MILESTONETVS Motor Co, a leading manufacturer of two- and three-wheelers, has announced the appointment of two new independent directors, pending approval from shareholders.The newly appointed board members are Vijay Sankar, Chairman of Chennai-based Sanmar Group, and Shailesh Haribhakti from Shailesh Haribhakti & Associates, as stated in a press release by the company.Additionally, Kuok Meng Xiong will be stepping down as an independent director after the 2024 annual general meeting due to increased business commitments and personal reasons.TVS Motor highlighted that the appointment of the two new independent directors will enhance the board's experience and elevate the company's already stringent corporate governance standards.Vijay Sankar, whose appointment will be effective from March 20, holds several independent directorships and trustee positions, including roles at Oriental Hotels Ltd and Transport Corporation of India. He also serves as the honorary consul general of Denmark in Chennai.On the other hand, Shailesh Haribhakti, who will join the board on April 1, brings over five decades of experience as a certified internal auditor, financial planner, and fraud examiner. He holds independent directorships with esteemed companies such as Blue Star Ltd, Bajaj Electrical Ltd, and L&T Finance Holdings Ltd. Samsung India is on track to achieve over Rs 80,000 crore in total smartphone revenue for the current financial year, driven by a robust sales volume growth of about 12 percent, significantly outpacing the sluggish domestic market, according to sources familiar with the matter.The company experienced accelerated sales momentum, fueled by a trend towards premiumization, resulting in a 22 percent increase in average handset selling prices, surpassing the industry average of 17 percent. Additionally, the proportion of no-cost EMI purchases has risen from 54 percent to 60 percent during the year. Furthermore, the tenure for no-cost EMI schemes has been extended to 18 months from the previous 12 months.While Akshay Rao, Samsung India's General Manager for Mobile Experience Business, declined to officially confirm the revenue performance for FY24, he emphasized the company's strong growth trajectory in terms of value."In value terms, our domestic mobile phone sales have witnessed a 12 percent growth, surpassing the industry's growth rate of 8-10 percent. Our objective is to sustain growth ahead of the market, driven by a heightened focus on 5G handsets. For instance, in 2023, approximately 60 percent of our smartphone shipments to India were 5G handsets, a figure we aim to increase to 75 percent this calendar year," stated Rao.An industry executive noted that Samsung's mobile phone exports may have slowed down this year due to global recessionary conditions and consumer reluctance to spend in various markets. This situation has compelled many handset manufacturers, including Samsung, to adjust their production strategies.
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