Xiaomi India revenue rises 175% in FY18, Mi posts net profit of Rs 2.93 bn

Xiaomi’s India revenue jumped 175 per cent in 2017-18 to Rs 230.6 billion year-on-year.

The Chinese consumer electronics major, which forayed into the country’s smartphone market in mid-2014, posted Rs 83.8 billion in sales in 2016-17, documents available at the Registrar of Companies show.

Xiaomi Technology India — the firm that sells smartphones under popular brands like Redmi and Mi — posted Rs 2.93 billion net profit. In 2016-17, it had a net profit of Rs 1.64 billion.

The firm is now the second-largest consumer electronics player in the country behind Samsung.

Samsung Electronics India gets nearly 38