Chinese smart device maker Xiaomi Technology's profit in India nosedived 77% year-on-year to around Rs 200 crore in the 2022-23 fiscal, according to a regulatory filing.
The company had posted a profit of Rs 1,057.7 crore in the preceding financial year.
Xiaomi's revenue from operations declined by about 32% to Rs 26,697 crore in FY23 from about Rs 39,100 crore in FY22.
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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.
The company recorded a 25% decline in smartphone shipment during 2022, including three-quarters of FY23, while it is still leading the Indian smartphone market with a 21% market share, according to market research firm IDC.
Research analysts differed in their estimate of Xiaomi's smartphone market share in India for the March 2024 quarter.
Cybermedia Research estimates it to be marginally behind Samsung at 18.6%, Counterpoint Research projected it at 18.8%, while IDC pegs it to be around 13%.
The company recently completed 10 years of operations in India. During the past decade, it has had several run-ins with the government, especially around taxes and payments to the vendors.
It plans to double device sales in the next 10 years to 70 crores from the 35 crores that it has sold in the last 10 years.
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