(Image source from: Zeenews.india.com)
The Chinese smartphone manufacturer Xiaomi suffered a significant decline in its profit in India, plummeting by 77% to Rs 238.63 crore in the fiscal year 2, compared to the previous year's Rs 1,057.7 crore. According to a regulatory filing, the company's operational revenue also witnessed a substantial drop of 32%, from around Rs 39,100 crore in the previous year to Rs 26,697 crore in the fiscal. The revenue sources comprised Rs 26,395 crore from product sales and Rs 264 crore from services, including advertisements and value-added offerings.
Despite these financial challenges, Xiaomi celebrated a milestone, marking 10 years of operations in India. The company has set an ambitious target of shipping 70 crore devices across various categories within the country. Muralikrishnan B, the President of Xiaomi India, expressed the company's commitment to delivering innovative and user-centric tech products, emphasizing their excitement to embark on the next decade of pushing boundaries, fostering creativity, and setting new benchmarks in the industry. Recently, Xiaomi unveiled a range of new offerings, including the Redmi 5G, Wireless headphones, Power Banks, and a smart Robot vacuum cleaner. Since 2014, the company has successfully shipped 35 crore Xiaomi devices in India.
The unveiling of the Redmi 13 5G phone has marked a significant milestone in Xiaomi's adoption of the 5G technology, according to Anuj Sharma, the Chief Marketing Officer of Xiaomi India. This new 5G-enabled device represents a significant step forward in Xiaomi's commitment to providing its customers with cutting-edge technology and connectivity.
