New Delhi: India proved to be an extremely beneficial market for the Chinese smartphone manufacturer Xiaomi. In the second quarter ended June, the company posted almost 152 per cent jump in revenue from overseas operations. As per the estimates the profit reached to 16.4 billion yuan approximately Rs 16,693 crore.
The growth has been majorly driven by steady and robust growth in India smartphone sales. This was despite the strengthening US Dollar against the Rupee as well as the Yuan (RMB).
The smartphone manufacturer released an official statement saying that as per the report of Canalys (a research agency) Xiaomi smartphones continue to grow in the Indian market and are on top in terms of market share by shipments in the second quarter of 2018.
Adding further to it, Xiaomi said that market share of over 20 per cent has been achieved by its offline smartphone sales in India and is ranking at the top in eight cities as per GFK.
Notably, last year Xiaomi witnessed the net loss of 11.97 billion Yuan whereas this year proved to be a turnaround as the company recorded a 14.63 billion Yuan as global net profit in the second quarter ended June. The revenue skyrocketed to over 68 per cent to 45.24 billion Yuan from 26.88 billion Yuan for the quarter ended June from the same period last year.
After being listed on Hong Kong stock exchange recently, this if first set of results announced by Xiaomi.
Apart from this, the company also said that the cost of smartphones segment sales also increased by 62.2 per cent to 28.5 billion Yuan in quarter ended June. The major reasons behind this upsurge cited by Xiaomi were the increased sales of smartphones along with strengthening US Dollar against the India Rupee as well as Yuan (RMB).
Notably, the Indian Rupee been on an all-time low against US Dollar in quarter ended June and recently it plunged further to Rs 70.09 against the US Dollar this month.
In the smartphone segment, Xiaomi emerged as a leader in India in April-June quarter removing Samsung from the top position. However, the difference of market share between the Chinese smartphone maker and Korean smartphone maker was meager as Xiaomi recorded 30.4 per cent market share whereas Samsung recorded 30.2 per cent market share.
Xiaomi also announced that after the launch of smart TVs in India in February this year, it has made a significant market share in India’s smart TV space by the quarter ended June.