- ByStartupStory | March 4, 2024
Apple India is poised to achieve over Rs 70,000 crore in revenue for the fiscal year ending March, making it the second electronics brand, after Samsung, to reach this milestone.
According to industry executives, Apple India surpassed the $8 billion (Rs 66,000 crore) sales mark in February, marking the second consecutive year of over 40% growth. Analysts anticipate continued high double-digit expansion in the coming years, albeit at a slower pace.
“Going forward, we expect a more broadbased growth across categories for Apple, including pickup in device services revenue,” said Counterpoint research director Tarun Pathak. Apple India reported sales of Rs 49,321 crore in FY23, with iPhones contributing 90-92% of sales, while net profit surged 76% to Rs 2,229 crore.
Counterpoint research director Tarun Pathak noted, “iPhone sales have outperformed, growing by over 60%, with other categories like tablets and laptops reporting slower growth or sales, in the current fiscal year.”
Shipments of the iPhone in India crossed the 10 million mark in 2023, aiding Apple in securing the top position in smartphone revenues in the country. “Apple was the only company among the top five smartphone brands to register growth globally in calendar 2023,” according to Counterpoint. Apple’s next iPhone will also be manufactured in India, alongside vendor plants in China and elsewhere, with preparations underway for trial production.
