India’s largest smartphone seller Xiaomi’s revenues shot up by 174 per cent standing at almost Rs 23,000 crore in FY18 compared to around Rs 8,400 crore the previous year. Interestingly, the company has achieved this feat within four years of operation in India, as per a report by Times of India.

However, even with such substantial revenue, it’s profit for the year stood at Rs 293 crore, a third of Apple’s Rs 896 crore profit in the corresponding period. Apple’s gross revenue stood at Rs 13,098 crore despite the Chinese player selling as much as ten times more smartphones than its American competitor in India.

“It has been a remarkable run for us in India. We have ensured that products that we sell here are of the best quality, carry right specifications, and have ‘honest’ pricing. We don’t believe in charging fat margins, and necessarily keep them below 5 per cent,” said Managing Director of Xioami India, Manu Jain.

Further, he added that Xiaomi leads that the smartphone market in India with a share of nearly 27 per cent of total volumes and continues to be on the top for past five quarters.

Most of Xiaomi’s revenue comes from smartphone sales. It sells its home appliances in Chinese markets which include refrigerators, air purifiers, washing machines, ACs; however its smart television products have already taken a foothold in the Indian market.

Xiaomi has opened 500 stores in rural India and has planned to scale it up to 5,000 stores by 2019 and expects to generate 15,000 jobs.