By Yifan Wang

Lenovo Group Ltd. was upbeat on its growth momentum for the coming months, after the company's profit for the past fiscal year hit a record high amid a pandemic-triggered demand boom for personal computers and electronics devices.

The world's largest PC maker is betting on consumers' increasing time spent on their computers and more frequent upgrades to fuel sustained growth through the current fiscal year ending March 2022, Lenovo Chief Executive Yang Yuanqing told The Wall Street Journal on Thursday.

The company's fiscal-year revenue rose by 20%, the fastest pace of growth in nearly a decade, as the global PC industry got a boost from soaring pandemic-driven demand after years of stagnating growth.

Even after the sales surge last year, "we still have a lot of backlog orders that we couldn't deliver, and that will roll into the current quarter," Mr. Yang said, referring to the April-June period.

The backlog buildup is partly due to a global semiconductor shortage that has been weighing on industries ranging from automobiles to electronics. Mr. Yang said the component shortage is reflective of the PC market's rapid expansion. He expects the constraint to last for at least three to four more quarters.

"The question is how much we can grow, and that will be based on how much supply we can get," he said.

As the chip shortage has pushed up component costs, Lenovo said it has been raising product prices in recent months. The move is in line with typical industry practice. Taiwan-based peers Acer Inc. and ASUSTeK Computer Inc. both reportedly plan to raise product prices by 5%-10% from the June quarter.

"We actually have to adjust prices because component prices are increasing sharply...we hope that would not impact our profitability," Mr. Yang said.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

05-27-21 0424ET