Indian smartphone maker Micromax has reported 26 percent drop in its revenues to Rs 4,430 crore for the fiscal year 2018 against Rs 5,614 crore in fiscal 2017 after posting Rs 10,000 crore plus in fiscal 2016, Business Line reported.
Micromax has lost considerable market share to China-based smartphone makers such as Xiaomi, Oppo, Viva, Huawei, among others. Xiaomi and Korea-based Samsung are the two leading smartphone makers in India.
The net profits of Micromax have nosedived 76 percent to Rs 104 crore in fiscal 2018. The company had tripled its profits to Rs 365 crore in the year ago period, according to business intelligence platform Tofler.
Micromax in 2018 won a Rs 1,500 crore deal from the Chattisgarh government to distribute 50 lakh smartphones.
Micromax in its earlier phase of the smartphone revolution could take on Nokia, Samsung, Sony, LG, among others, with its aggressive marketing and pricing strategy. But it could not grab 4G smartphone share due to lack of innovative features.
Micromax could not enhance revenue in the Indian consumer devices market despite introducing tablets, data cards, television, laptops, sound system, power bank, air conditioners and IT monitors.