Xiaomi India profit plunges 77% to Rs 239 cr, revenue dips 32% in FY23

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Xiaomi India profit plunges 77% to Rs 239 cr, revenue dips 32% in FY23 - Business Standard

Quick Summary:

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 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.

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.