Apple’s Revenue in India Soars, Reports Record Growth in Net Profit

In a significant milestone for the tech giant, Apple has reported impressive financial results in the Indian smartphone market, with its revenue in the country reaching nearly Rs 50,000 crore during the fiscal year 2023 (April 2022 to March 2023).
Apple iphone 12 5G smartphone in SingaporeThis remarkable achievement for Apple marks a 48 percent increase in sales, totaling Rs 49,321 crore, and a substantial 76 percent surge in net profit, which rose to Rs 2,229 crore.

Apple CEO Tim Cook in May said the iPhone maker set a quarterly record in the January-March period in India and grew very strong, in double digits year-over-year. Apple recently opened the first branded retail stores in Mumbai and New Delhi attracting several customers. Globally, Apple has reported a record revenue of $94.8 billion for its March quarter.

Apple does not feature in top five ranking in the Indian smartphone market in terms of volume during the third quarter of 2023, according to Canalys research. The report recently said that the smartphone market in India recorded 43 million shipments in Q3 2023.

The news on revenue of Apple in India, sourced from Apple’s Registrar of Companies (RoC) and reported by the Economic Times, highlights that this is the fastest growth in net profit that Apple has experienced in India over the past five years.

According to RoC filings, Apple India’s revenue is primarily derived from product sales, accounting for 94.6 percent of its income, while maintenance and services contribute 5.4 percent. Remarkably, even though Apple allocates around 30 percent of its global sales to its services business, the company has yet to fully scale up its operations in India, indicating substantial untapped potential in the Indian market.

Simultaneously, India has witnessed a surge in mobile phone exports during the April-August period of the fiscal year 2024. According to government and industry data, the country exported mobile phones worth $5.5 billion, which translates to over Rs 45,000 crore.

Estimates provided by the Department of Commerce and the India Cellular and Electronics Association (ICEA) reveal that this export figure significantly outperformed the same period in the previous fiscal year, which amounted to $3 billion, or approximately Rs 25,000 crore, IANS reports.

Apple played a pivotal role in this growth, leading the way in India-made phone exports for the April-August period, capturing over 50 percent of the total estimated export value for the first time. Samsung followed closely as the second-largest contributor.

During the June quarter, Apple emerged as a dominant force in the Indian smartphone market, responsible for nearly 50 percent of the country’s total 12 million smartphone shipments. Samsung trailed behind with a 45 percent market share, cementing Apple’s growing influence in one of the world’s most dynamic and competitive markets.

Apple’s impressive performance in India underscores the company’s strategic focus on expanding its presence in the country, as it capitalizes on the nation’s growing demand for high-quality technology products and services. With substantial room for growth and a strong consumer base, India is poised to remain a key market for Apple’s continued success in the years to come.