SAN FRANCISCO, Dec. 7 at noon, due to sales increased by 7 times, Xiaomi India branch in the fiscal year ended March 2017 has been profitable, indicating that local consumers are more preferred quality and cheap Chinese smart phones.
According to the website of the Indian Economic Times, Xiaomi said that they will do a better job this fiscal year. Xiaomi India's FY17 sales increased 696% to 83,793.3 million Indian rupees (about 8.58 billion yuan) Profit of 163.9 million Indian rupees (about 170 million yuan.) A year ago, revenue was 10,426 million Indian rupees, a net loss of 469 million Indian rupees.
The Indian financial performance of this market is expected to help the company's IPO, they may at least be looking for 50 billion US dollars valuation.
For millet, India is second only to China, making it the No. 1 spot in India, according to market research firm IDC, which shipped more than three stars in India between July and September this year.
'Revenue is realized by selling cell phones, accessories, spare parts and services,' Millet said in a regulatory filing.
In fact, Xiaomi and Oppo added a total of more than 2 billion U.S. dollars in revenue in India, which also grew 754% last year to 79,743 million Indian rupees.
Both companies surpassed Micromax and Intex, India's largest cellphone makers, as well as Sony's subsidiary in Japan, Japan's largest cellphone maker, signaling the rapid growth of Chinese manufacturers in electronics.
Xiaomi India Branch has not yet commented on the company earlier said in an interview that they have achieved the previous one billion US dollars in revenue, is expected to more than double this year.
According to Counterpoint Research, as of September this year, Chinese companies controlled more than half of the Indian smartphone market, up from 33% a year ago, while the share of Indian makers shrank from 33% to 14%.