The market grew from R31,330 crore in FY12, with Korean electronics maker Samsung dethroning Nokia from the top position this year, the survey said.
The 18th annual survey V&D 100 covered over 30 mobile handset companies doing business in India across categories like feature phones, multimedia phones, enterprise phones and smartphones.
The survey attributed Samsung's rise in Indian market to its rich product portfolio catering to customers of all budget categories.
Samsung handset prices range from R1,500 to R50,000 and come in varied screen sizes. These two factors helped the company grab customer's attention, besides the product quality and new features, it added.
The survey said Samsung ended the year with revenues of R11,328 crore in 2012-13 compared to R7,891 crore in FY12, growth of 43.6%. It also became the market leader with 31.5% market share.
On the other hand, Nokia, with 27.2% market share, dropped to the No. 2 spot. In the 12 months ended March 2013, Nokia's revenues from Indian operations were at R9,780 crore compared to R11,925 crore in FY12, as per the survey. "Nokia's drop in market share started when the company failed to sense the need of a dual-SIM phone for the Indian consumer, and the same was tapped by the Indian players years ahead of global players like Nokia, it added.