Nokia India Sales Plummet 44% in Q3

18 Oct 2024 , 11:41 AM

Nokia’s India sales declined for the fourth consecutive quarter, mirroring what rival Ericsson revealed a few days ago for the three months ending September 30.

This comes as their major telecom clients, Reliance Jio and Bharti Airtel, continue to reduce network capital investment after completing their 5G rollouts and facing low 5G capacity utilisation.

Industry executives and analysts anticipate that Finland’s Nokia and Sweden’s Ericsson would rely more in the near future on their recent contracts to supply 4G and 5G equipment to Vodafone Idea (Vi) to enhance India sales and support global growth.

Both European network suppliers recently signed huge contracts totalling over Rs 28,000 crore to supply network equipment to Vi for its 4G expansion and planned 5G rollouts.

Nokia’s India net sales fell 44% year on year to 316 million euros (Rs 2,885 crore) in the third quarter, the company said Thursday. Ericsson recently announced a 44% drop in sales in its Southeast Asia, Oceania, and India markets to 7.7 billion Swedish Krona (Rs 6,155 crore) for the quarter. Ericsson does not publish India-specific sales figures.

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