NEW DELHI: Chinese smart device manufacturer Xiaomi’s profit in India plunged by 77% to R238.63 crore in FY23 compared to Rs 1,057.7 crore in the previous fiscal.
According to a regulatoryfiling, the company’s revenue from operations witnessed a decline of 32% to Rs 26,697 crore in FY23 from about Rs 39,100 crore in the year-ago period. The company 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, in FY23.
The smartphone marker recently completed 10 years of operations in India, and has set a target of shipping 70 crore devices across categories in India. Muralikrishnan B, President of Xiaomi India,
in an event held in Bengaluru recently said, “We are committed to delivering cool tech products that resonate deeply with our users...we are excited to embark on the next decade of pushing boundaries, fostering creativity, and setting new benchmarks in the tech industry.”
The company also unveiled the Redmi 13 5G, Wireless headphones, Power Banks and smart Robot vacuum cleaner last week. Since 2014, Xiaomi has shipped 35 crore Xiaomi devices in India.
Last year, our 5G devices saw tremendous success, and this year, we are excited to accelerate the adoption of 5G with the launch of the Redmi 13 5G smartphone,Anuj Sharma, Chief Marketing Officer, Xiaomi India, said.