Xiaomi India a drag on parent Q3 results

New Delhi: Xiaomi Corp said on Wednesday that growth in gross profit margins took a hit after it embarked on clearing high inventories in India during the third quarter ended September 30, which coincided with Diwali promotions and discounts.

Revenue from smartphones, which makes up 60% of total sales globally, fell 11.1% on-year, dragged down by low margins in India and flat growth in overseas markets.