Hong Kong, Nov 19 (IANS): Riding on its robust sales in India and Europe, China-based Xiaomi on Monday reported a 49.1 per cent increase in revenue for its third quarter of 2018 as net profit reached 2.48 billion yuan ($357.23 million).

International revenue grew 112.7 per cent on year in the quarter ended September, accounting for a higher percentage of total revenue.

"According to market research firm Canalys, our smartphone shipments for Western Europe grew 386 per cent year-on-year and we were ranked fourth in terms of smartphone shipments in the third quarter of 2018," Xiaomi said in a statement.

"Our smartphone shipments for India and Indonesia grew 31 per cent and 337 per cent, respectively, helping us achieve the number-one market share position by shipments in India and catapulting us to number two in Indonesia," the company added.

Xiaomi was ranked in the top five in the smartphone markets of 30 countries and regions in terms of shipments in the third quarter.

"The strategies to which Xiaomi adheres, such as strengthening the performance of the high-end market, accelerating the development of new retail channels and focusing on AI development and application, all yielded remarkable results," said Lei Jun, Xiaomi Founder, Chairman and CEO.

Xiaomi's smartphone division grew its revenue by 36.1 per cent and its Internet service division grew 85.5 per cent.

As of October 26, Xiaomi's smartphone shipments exceeded 100 million units.

Revenue from the IoT and lifestyle products segment grew the fastest year-on-year by 89.8 per cent to 10.8 billion Yuan.

The revenue from its smart TV and laptop sales increased by 100.3 per cent to 4.2 billion Yuan.

In the third quarter, Xiaomi further enhanced its advantages in the global AI and IoT market.

Xiaomi is also focusing on building an efficient new retail system by continuously developing efficient offline channels while enhancing its online channels.

In India, Xiaomi, which is focusing on amplifying its product portfolio beyond smartphones, was all set to launch on Tuesday a new business which, according to the company, will "change rural retail in India".

The company shipped 11.7 million units and became the top brand in the Indian market with 27.3 per cent share in the third quarter this year.

The company grew to a new high on the back of its successful Redmi 5A and Redmi Note 5 Pro series and refreshed Redmi 6/A/Pro portfolio.