Apple’s business in India has made remarkable progress, nearly reaching a record-breaking milestone of ₹50,000 crores in revenue. Sales have surged by 48% to ₹49,321 crores in the fiscal year 2022-23, as revealed by regulatory filings with the Registrar of Companies (RoC).
The company has also witnessed a substantial increase in net profit, soaring by 76% to ₹2,229 crores. This represents the fastest growth in net profit for Apple in India over the last five years, according to a report from ET.
All About the Apple India Growth
Industry analysts attribute this growth to a higher proportion of sales stemming from new-generation devices, which offer more attractive profit margins. Moreover, a reduction in component costs has played a role in boosting profits. However, Apple India has not provided specific reasons for this increase in sales and profits in its filings. An inquiry sent to the tech giant remained unanswered at the time of publication.
Mohit Yadav, the founder of AltInfo, a business intelligence firm, highlighted that this growth underscores Apple’s significant potential for expansion. “Apple has exhibited impressive financial management, reflected in substantial percentage increases in both revenue and profit, suggesting boundless growth potential for the company,” noted Yadav.
Tarun Pathak, research director at Counterpoint Research, a mobile phone market tracking firm, anticipates continued growth for Apple’s business in India. He attributes this growth to the brand effectively capitalizing on the trend of premiumization in the market, fueled by the growing availability of consumer financing.
While iPhones currently dominate sales in India, Pathak believes that other revenue streams, including various products and services, will also make substantial contributions shortly. He further explains that the rise in profits can be attributed to the higher proportion of new-generation devices, as evidenced by the consistent increase in the average selling prices of iPhones in India.
According to the Registrar of Companies filings, 94.6% of Apple India’s revenue is generated from product sales, with the remaining 5.4% coming from maintenance and services. The company has yet to fully expand its services business in India, even though it contributes around 30% to its overall global sales.
