HomeBusinessSmartphone maker Vivo India post Rs 211 cr profit in FY23

Smartphone maker Vivo India post Rs 211 cr profit in FY23

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Vivo sent Rs 62,476cr worth turnover to China to avoid getting taxed in  India: ED | India Business News - Times of India
  1. Vivo Mobile India, a subsidiary of a Chinese smartphone maker, achieved a net profit of Rs 211 crore in FY23, marking a 9% increase in sales compared to FY22.
  2. Despite facing scrutiny from government agencies for alleged violations under the Prevention of Money Laundering Act (PMLA), Vivo India managed to report profits for the fiscal year.
  3. The Enforcement Directorate (ED) launched an investigation against Vivo India, alleging that the company remitted Rs 1 trillion abroad from 2014 to 2021 while displaying losses to evade taxes.
  4. Vivo India’s revenue for FY23 reached Rs 29,784.90 crore, the second-highest in its records, following Rs 26,971.11 crore in revenue for FY22.
  5. The company’s success in turning profits was attributed to enhanced inventory management, with Vivo India liquidating more inventory than it carried forward at the beginning of the year and earning an additional income of Rs 78 crore from other sources.

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