Floods Cripple Indian Tech Hub Bangalore

On Monday, large parts of Bangalore were under water Manjunath Kiran AFP
On Monday, large parts of Bangalore were under water Manjunath Kiran AFP
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Floods Cripple Indian Tech Hub Bangalore

On Monday, large parts of Bangalore were under water Manjunath Kiran AFP
On Monday, large parts of Bangalore were under water Manjunath Kiran AFP

Floods blamed on shoddy infrastructure crippled Indian IT hub Bangalore on Monday, with employees in the huge tech sector told to work from home and dozens of areas reportedly left without drinking water.

The southern metropolis of around 8.5 million people boomed in the 1990s, with its myriad outsourcing and software companies now employing millions in the "back office of the world".

But the city's companies have complained that infrastructure development has not kept up, with perennial traffic jams and unplanned construction on the dried-up beds of lakes leading to frequent flooding even after moderate rainfall, AFP said.

On Monday large parts of the city were underwater, with authorities deploying rubber dinghies to ferry people around and footage on social media showing tractors being used to transport travelers from the airport.

The umbrella group for the IT sector, the Outer Ring Road Companies Association (ORRCA), advised employees to work from home while many schools and colleges were shut.

The supply of drinking water to more than 50 areas of the city was halted for two days after a pumping station was inundated, media reports said, as more rain was forecast.

"Honestly, the traffic situation in Bangalore is always bad but this is now another level," said one back-office employer for food delivery company Swiggy, requesting to stay anonymous.

"It's worse than ever before because of how many people have rushed back to the city after Covid. The infrastructure can't take the strain," he told AFP.



Xiaomi Raises EV Sales Target, Plans New Overseas Stores as Q4 Revenue Jumps

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
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Xiaomi Raises EV Sales Target, Plans New Overseas Stores as Q4 Revenue Jumps

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)

China's Xiaomi on Tuesday reported an almost 50% jump in fourth-quarter revenue, beating analyst estimates, and raised its target for electric vehicle deliveries this year to 350,000 from 300,000.

The world's third-largest smartphone maker, whose product lines extend to home appliances and cars, also said it planned to expand its store network across China this year and open 10,000 new Mi Home stores overseas in the next five years.

The company reported a 48.8% rise in fourth-quarter revenue to 109 billion yuan ($15.1 billion), beating the 103.94 billion yuan average of 17 analyst estimates compiled by LSEG. Adjusted net profit jumped 69.4% year-on-year to 8.32 billion yuan, ahead of the average estimate of 6.399 billion yuan, Reuters reported.

Xiaomi president Lu Weibing said on an earnings call that he saw great potential for the company's products - from phones and tablets to cars - in overseas markets, though he added the complexity of expanding abroad was "quite high". Lu said the company aimed to start shipping cars overseas in 2027. Xiaomi's Hong Kong-listed shares closed up 3.3% before the earnings release. The stock has surged 284% over the past 12 months amid investor enthusiasm for its EV plans.

Xiaomi began manufacturing EVs last year with the launch of the SU7 sedan after selling smartphones, household appliances and smart gadgets for most of its 15-year history.

It reported 32.1 billion yuan in revenue for its EV business in 2024, delivering more than 135,000 SU7 sedans. The adjusted net loss related to its EV and other new initiatives reached 6.2 billion yuan.

Xiaomi's fourth-quarter global smartphone shipments rose 5% from a year earlier to 42.7 million handsets, ranking it third globally, with a market share of 13%, data from researcher Canalys showed.

In China, its largest market, shipments surged 29% to 12.2 million handsets over the same period, ranking it fourth, with a market share of 16%, according to the Canalys data.

Lu said Xiaomi aimed to ship 180 million smartphones this year, versus

in 2024, adding the company would invest up to 8 billion yuan, about a quarter of its total research and development budget this year, in AI-related initiatives.