Xiaomi India Profit Plunges 77% in FY23
By Rediff Money Desk, New Delhi Jul 14, 2024 12:36
Xiaomi India's profit fell 77% to Rs 239 crore in FY23, while revenue dipped to Rs 26,697 crore. The company's smartphone shipments declined by 25% in 2022.
New Delhi, Jul 14 (PTI) Chinese smart device maker Xiaomi Technology's profit in India nosedived 77 per cent year-on-year to Rs 238.63 crore in the 2022-23 fiscal, according to a regulatory filing.
The company had posted a profit of Rs 1,057.7 crore in the preceding financial year.
Xiaomi's revenue from operations declined by about 32 per cent to Rs 26,697 crore in FY23 from about Rs 39,100 crore in FY22.
Xiaomi earned Rs 26,395 crore from the sale of products and Rs 264 crore from the sale of services, which include advertisements and value-added services, among others, during the year under review.
The company recorded a 25 per cent decline in smartphone shipment during 2022, including three-quarters of FY23, while it is still leading the Indian smartphone market with a 21 per cent market share, according to market research firm IDC.
Research analysts differed in their estimate of Xiaomi's smartphone market share in India for the March 2024 quarter.
Cybermedia Research estimates it to be marginally behind Samsung at 18.6 per cent, Counterpoint Research projected it at 18.8 per cent, while IDC pegs it to be around 13 per cent.
The company recently completed 10 years of operations in India. During the past decade, it has had several run-ins with the government, especially around taxes and payments to the vendors.
It plans to double device sales in the next 10 years to 70 crore from 35 crore that it has sold in the last 10 years.
The company had posted a profit of Rs 1,057.7 crore in the preceding financial year.
Xiaomi's revenue from operations declined by about 32 per cent to Rs 26,697 crore in FY23 from about Rs 39,100 crore in FY22.
Xiaomi earned Rs 26,395 crore from the sale of products and Rs 264 crore from the sale of services, which include advertisements and value-added services, among others, during the year under review.
The company recorded a 25 per cent decline in smartphone shipment during 2022, including three-quarters of FY23, while it is still leading the Indian smartphone market with a 21 per cent market share, according to market research firm IDC.
Research analysts differed in their estimate of Xiaomi's smartphone market share in India for the March 2024 quarter.
Cybermedia Research estimates it to be marginally behind Samsung at 18.6 per cent, Counterpoint Research projected it at 18.8 per cent, while IDC pegs it to be around 13 per cent.
The company recently completed 10 years of operations in India. During the past decade, it has had several run-ins with the government, especially around taxes and payments to the vendors.
It plans to double device sales in the next 10 years to 70 crore from 35 crore that it has sold in the last 10 years.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 8.08 ( -3.92)
- 65128261
- Thinkink Picturez
- 1.77 ( -0.56)
- 47207415
- Sunshine Capital
- 2.32 (+ 4.98)
- 18775443
- Evexia Lifecare
- 4.07 (+ 3.30)
- 16083406
- Cressanda Railway
- 11.19 (+ 4.97)
- 15151945
MORE NEWS
Samsung One UI 7 Beta: AI, Security Upgrades in...
Samsung launches One UI 7 beta in India, featuring AI enhancements, security updates,...
Canara Bank Gets RBI Nod for Life Insurance...
Canara Bank secures RBI approval to divest its stake in Canara HSBC Life Insurance and...
Passport Seva Kendras at Post Offices:...
India to increase Passport Seva Kendras at post offices to 600 by 2028-29, expanding...