Rupee revenue of foreign firms rises 40% in 2022

Even as the tech giant Apple Inc bets big on India, around 300-odd foreign companies generated as much as $73.3 billion as revenue from the country in 2022, registering a year-on-year growth of 40 percent.

While the rupee revenue of Wilmar International jumped over four-fold to $8.3 billion during the year, the top-line of BHP Group and Saudi Arabian Mining Co has doubled during the year. The three companies along with KIA Corp account over a fourth of the combined India revenues of the sample, data sourced from Bloomberg revealed.

While India contributed 11.2 percent to Wilmar International’s total revenue, the country generated 28 percent of Bangkok based Italian-Thai Development’s net sales. Similarly, at $2.3 billion, New York-based Genpact garnered more than half of its revenue from India. Similarly, South Korean car maker, Kia Corporation generated about 5 percent of its revenue from India. The company sold 251,000 units in 2022 (wholesale basis), up 37.5 percent from the previous year. Singapore-listed agribusiness Wilmar International Ltd, which has a joint venture with Adani Group in Adani Wilmar, reported a 11.6 percent increase in its full-year revenue, benefited from increased oil and sugar prices along with robust performances across core segments.