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Xiaomi India
Chinese smart devices firm Xiaomi's India head Muralikrishnan B has resigned from the company to pursue his interest in academic research, the company said on Monday. He will continue to support Xiaomi India as an independent Strategic Advisor, the company said. "Muralikrishnan B, the current President of Xiaomi India, will be transitioning out of his role at the end of the year. After over six impactful years with the company, Murali is set to pursue his passion for academic research, focusing on his Executive Doctorate in Management, where he aims to deepen his expertise in Consumer Behaviour on Technology Platforms," the company said in a statement. After leading the smartphone market in India for several years, Xiaomi has been making efforts to reclaim its numero uno position. According to Counterpoint Research, Xiaomi made a comeback to the top position in the second quarter of 2024, but it again lost the position to Vivo. The company had a 16.7 per cent share in volume terms
Chinese smart device maker Xiaomi Technology's profit in India nosedived 77 per cent year-on-year to Rs 238.63 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 per cent to Rs 26,697 crore in FY23 from about Rs 39,100 crore in FY22. 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 per cent decline in smartphone shipment during 2022, including three-quarters of FY23, while it is still leading the Indian smartphone market with a 21 per cent 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 b
The year 2024 promises to be a "good year" for the smartphone industry, Xiaomi India President Muralikrishnan B said on Wednesday as he pointed to the pace of economic growth, positive consumer sentiments, as well as the 5G devices uptick. Terming India as a market of multitudes, Muralikrishnan asserted that there is an opportunity to have compelling 5G offering at every price point. "We enter 2024 with the larger macro context looking a lot more brighter and positive. The Indian economy is among fastest growing large economies in the world. The consumer sentiment is up. And if one were to look at projections for 2024-2025 and beyond, things are looking very positive," Muralikrishnan said at a briefing. For consumer companies these factors are likely to translate to growing consumer spends. "The middle class, which has a huge spending potential, will continue to increase in India and this will be led, to a large extent, by productivity improvement that technology brings. And of cou