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“According to (research agency) Canalys, our smartphones continued to experience rapid growth in the Indian market and ranked first in terms of market share by shipments in the second quarter of 2018,” Xiaomi said in an official statement Wednesday.
Further, the Chinese handset maker said “its offline smartphone sales in India achieved a market share of over 20 per cent , and ranked No 1 in eight cities, according to GFK,” in the second quarter of 2018.
Xiaomi reported a 14.63 billion yuan global net profit in the second quarter ended June, compared to a 11.97 billion yuan net loss a year back. Total revenue for the three months ended June jumped over 68 per cent on-year to 45.24 billion yuan from 26.88 billion yuan in the year-ago period.
This is the first set of results that the Chinese company has reported after listing on the Hong Kong stock exchange recently.
Xiaomi, however, said “its cost of sales relating to the smartphones segment” jumped 62.2 per cent on-year to 28.5 billion yuan in the quarter to June, primarily due to “increased smartphone sales and appreciation of the US dollar against the RMB and the Indian rupee”.
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Xiaomi’s cost of sales relating to the smartphones segment rose 30 per cent sequentially in the second quarter for the same reasons.
The rupee had plunged to an all-time low versus the greenback in June quarter, and recently crashed further to Rs 70.09 vs the US dollar this month.
Xiaomi had dethroned Samsung in India’s super-competitive smartphone turf in the April-June quarter, with both players recording stellar shipment growth to corner a combined over 60 per cent share, research agency Canalys had recently reported. The Chinese handset vendor had just edged past the Korean phone maker by cornering a 30.4 per cent market share in India compared to Samsung’s 30.2 per cent in the April-June period.
Xiaomi said it had also built “a significant market share in India’s smart TV space by the June quarter-end,” following launch of smart TVs in the country in February this year.