- These figures represent a jump of about 54 per cent in Xiaomi’s annual revenue figures over the last year
- Samsung’s net profit has fallen to more than 55 per cent during FY 19
Xiaomi was able to generate Rs 12,365.81 more in revenue during financial year 2019 (FY 2019), in comparison to financial year 2018 (FY 2018). The China-based company, in its RoC (Registrar of Companies) filing, has filed revenues worth Rs 35,426.92 crore for FY 2019.
Interestingly, Xiaomi now trails China-based BBK and Samsung in terms of being the largest smartphone maker in India. As a matter of fact China-based BBK owns and operates four smartphone brand here. These include Oppo, Vivo, Oneplus, and Realme.
Revenue up, net profit down
Despite the jump in company’s revenues, the company has reported net losses of around 148.48 crore in FY 2019. Samsung, quite similar to the trend, has also posted jump in revenues but dip in net profits. The brands’ rising expenditure on research and development might be a reason behind the slump in net profits.
Xiaomi, in its RoC filings, has mentioned, increase in the expenditure overhead, and competition in the local and global market, as possible reasons behind the reasons behind net loss. It is to be noted here that the price wars between smartphone and smart TV brands has been intensifying over the last few quarters.
Redmi India’s official Twitter handle had recently revealed that the company was able to sell more than one crore twenty five lakh devices this Diwali in the country. Retweeted by company’s global VP, Manu Kumar Jain, the tweet had mentioned that these figures included 8.5 million smartphones.
The company had also shared that it has recorded 48 per cent growth YoY in terms of smart TV sales in India. Xiaomi had recently introduced one of its large screen TVs in India as well.