OnePlus India Q2 Profits Rise Three-Fold in FY 2018

According to the regulatory disclosures, OnePlus revenue rose from Rs 37.9 cr in 2016-17 to Rs 150 cr in FY 2018.

A OnePlus 6 Smartphone. Image used for representation.

(Photo: The Quint)

Chinese smartphone maker OnePlus' revenue and profit has grown three-fold in 2017-18, according to a report on The Economic Times report. During this period, the smartphone maker had the second-largest market share in the Rs 30,000-plus segment in the last two quarters.

According to the regulatory disclosures, the revenue rose from Rs 37.9 crore in 2016-17 to Rs 150 crore in FY 2018. The net profit was Rs 2.9 crore as compared to Rs 90.1 lakh in FY 2017.

The ET reported sourced the numbers from OPlus Mobitech India, a firm that undertakes mobile marketing and support services of OnePlus in India. OnePlus did not mention any resons for the growth and profits.

OnePlus has been in India only three years and analysts argue that its numbers could grow at a faster pace this fiscal as the company has already overtaken Apple and Samsung in terms of sales in the first few months of this fiscal. The new e-commerce foreign direct investment policy can although, have an impact on the sales once it comes into force next month.

According to the ET report, Apple’s India sales stood at Rs 13,097 crore while Samsung India stood at Rs 37,349 crore. Both these numbers are not limited to just smartphone sales.

After becoming the largest brand in the Rs 30,000–plus segment in the first quarter, OnePlus' market share fell to 30 percent in the second quarter of this fiscal year, the ET report also said.

(With inputs from The Economic Times.)