Xiaomi India clocks lowest sales growth but swings to profit

Kolkata: Xiaomi India clocked its lowest sales growth but swung into profit in 2019-20.

Sales of the Chinese smartphone maker in India grew 7% over the year ago to Rs 38,196 crore in 2019-20, regulatory filings accessed by AltInfo showed. Still, the company posted a profit of Rs 401 crore in FY20 after sustaining Rs 148 crore loss a year earlier.

While Xiaomi did not state why sales growth had slowed, industry executives said the company has been trying to strengthen its presence in the mid-to-premium smartphones and Smart TVs, segments which have higher margins.