Vivo FY21 net profit stands at Rs 552cr following cut in ad spends
As per reports, the company has registered profit after 4 years
Vivo has reported a net profit for the first time in four years, media networks have reported. A cut in advertising expenditure has been attributed to this gain.
The company's net profit stands at Rs 552 crore, reports have stated quoting data from the corporate affairs ministry.
Vivo has reportedly cut down its advertising expenses after pulling out of IPL. It was associated with the cricketing tournament since 2016.
The smartphone maker first exited IPL in 2020 due to issues related to discount on sponsorship fee and the India-China standoff, only to return in 2021.
The second exit came reportedly due to poor ROIs and a multi-agency probe.
vivo posted its highest-ever loss of Rs 349 crore in FY20 despite a 45 per cent jump in revenue.
