Xiaomi's Profits Plummet 77% in India Amid Market Challenges

Xiaomi Technology's profit in India fell by 77% to Rs 238.63 crore in the 2022-23 fiscal year. Revenue declined by 32% to Rs 26,697 crore. Despite a 25% decline in smartphone shipments, Xiaomi maintains a 21% market share. Future market share estimates vary among analysts.

Xiaomi Technology's profits in India took a sharp 77% drop in the 2022-23 fiscal year, plummeting to Rs 238.63 crore from the previous year's Rs 1,057.7 crore, according to a regulatory filing.

The company's revenue from operations saw a significant 32% decline, falling to Rs 26,697 crore from Rs 39,100 crore in FY22. Product sales accounted for Rs 26,395 crore, while services brought in Rs 264 crore.

Despite a challenging year with a 25% drop in smartphone shipments, Xiaomi remains a market leader in India with a 21% market share. However, future market share estimates for March 2024 vary among research firms, ranging from 13% to 18.8%.