Micromax Revenue From Sales Fall 45% To Rs. 2,368.79 Crore In FY19: Report

Micromax is not new to the handset industry, but somehow the company has lost the sheen in the Indian market. And now it has been reported that the company's posted Rs. 2,368.79 crore revenue in the last financial year, which is 45 percent less than from the previous year i.e FY18.

The company is facing stiff competition from Chinese mobile phone makers in India across segments," said Veratech's founder Mohit Yadav was quoted ET. He said, "Micromax has decided to now focus on a feature phone and sales in the US by doing tie-ups with major telecom carriers to supply handsets. The strategy looks promising but is contingent on response was given by telecom operators in the US."

The report reveals that currently, its promoters such as Vikas Jain, Sumeet Kumar, and Rahul Sharma are withdrawing only Rs. 60 lakh remuneration per annum, which is quite less than they were getting in 2016 and 2018. On the other hand, the report states that Micromax has already joined hands with T-Mobile for the supply of mobiles and it is also expected that the company will generate revenue soon, from this deal. Besides, the company is talking to other companies such as AT&T.

"The company also expects to capture back its dominance in feature phone where it is now focussing all its energies. It said the distribution tie-up with Huawei for smartphones in both offline and online channels, will contribute to revenue and profit," the ROC filing was quoted by the newspaper.

On the other hand, the company has recently announced that something big is coming on Flipkart. Micromax has made this announcement through its Twitter account. The tweet reads: "Something big is coming". However, there is no concrete information at present, so we are guessing that the company might launch a new smartphone before the year ends.