Xiaomi’s India biz turns around, revenue grows over 9% in FY22

Xiaomi turned around its India business in FY22 with the company’s turnover growing more than 9% to Rs 39,099 crore, topping the pre-pandemic revenue achieved in FY20, as per regulatory disclosures made to the Registrar of Companies.

According to analysts, the financial performance reveals that the anti-China rhetoric in social media and the strict actions by Indian authorities had no impact on the business of the Chinese company in India. The filings, made on Thursday, did not mention Xiaomi Technology India’s profit or loss for FY22. Xiaomi Technology India had posted sales of Rs 35,705 crore in FY21 and Rs 38,196 crore in FY20. In FY21, Xiaomi’s net profit was Rs 275 crore, which had declined from Rs 401 crore in the previous year.