New Delhi: LG Electronics India Pvt. Ltd, is expecting a 25% jump in its revenue, touching over 23,000 crore during the calendar year 2015, helped by strong demand for its mobile phones and flat-panel television sets, a top company executive said on Wednesday.

The company posted revenue of 18,500 crore in the calendar year 2014, which represents a 15% spike over 2013, LG Electronics managing director Soon Kwon said.

“The consumer sentiment is quite positive and we have seen a positive tide for LG products," said Soon. “Our mobile business is growing at a fast pace and we are expecting to double the business this year," he added.

Mobiles, which currently contribute 10% of its entire business, registered a 100% growth for the company in 2014, too.

According to Soon, LG expects to grow its marketshare in the mobile segment from 5% to 10% by the end of 2015. The company will largely focus on the premium and mid-range smartphone categories.

“We will launch 30 new models in the smartphone category by December 2015," said Niladri Datta, corporate marketing head at LG Electronics India. “Our focus will be on the high-end smartphone segment."

LG on Wednesday launched its second premium curved smartphone G Flex2, priced at 55,000.

The smartphone market is getting increasingly crowded in India with many Chinese handset makers offering the latest technologies at competitive prices. Increased competition from Indian handset manufacturers such as Micromax and Karbonn, and Chinese companies such as Xiaomi has made it difficult for Korean companies LG and Samsung to hold on to their marketshare.

However, Soon said, “It is natural in any business that as time goes by you see more contestants. We have to manage our business accordingly and build brand trust, high level of confidence in our service and quality of product." Soon believes communication with the consumer will help the company retain its marketshare in all the categories.

LG is planning to spend close to 1,000 crore on marketing and research and development, the money divided equally between the two areas. The company is also evaluating sponsorship options for the popular Indian Premier League Twenty20 cricket tournament.

The company, which gets 35% of its sales from television sets, is expecting the category to be one of the fastest growing for its business. It is seeing the maximum traction in 32-inch screens and a good uptick in the 42-inch-plus segment. “More consumers are asking for bigger screens sizes," said Soon.

“The 42-inch and above segment is becoming bigger by the day and the contribution of the segment will grow as high as 45% of the overall category for the television market in India," Soon said.

According to Soon, LG will close the year with a 26% marketshare in the flat panel television market, up from 23% in 2014. The company has also introduced the world’s largest television in the Indian market— a 105-inch set that is priced at 60 lakh.

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