Written By Shubham Verma
Apple India's revenue hit Rs 50,000 crore this financial year, thanks to iPhone buyers
Apple India generates 94.6 percent of its revenue from sales of products and 5.4 percent from maintenance and services.
Published By: Shubham Verma | Published: Oct 30, 2023, 01:49 AM (IST)
Apple will open the second store in India in New Delhi. Apple Saket will open at Select CITYWALK in the Saket area of New Delhi on April 20. This store welcomes customers through a uniquely designed curved storefront with white oak tables displaying Apple’s products and accessories, as well as a feature wall manufactured in India.
Apple’s revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 percent to Rs 49,321 crore and net profit rising 76 per cent to Rs 2,229 crore. It is the fastest growth of net profit for Apple in India in the last five years, according to the Economic Times, citing information from Apple’s Registrar of Companies (RoC). 
Also Read: Apple’s sixth India store to open in Borivali this February: All details here
According to RoC filings, Apple India generates 94.6 percent of its revenue from sales of products and 5.4 percent from maintenance and services. Despite contributing around 30 percent of its global sales to its services business, Apple is yet to scale up its operations in India, the report mentioned. Also Read: Apple confirms another Mumbai Store as the 6th Store in India; location to be revealed soon
Meanwhile, India saw mobile phones exports worth $5.5 billion (over Rs 45,000 crore) in the April-August period in the ongoing fiscal year (FY24), according to government and industry data. Also Read: Apple Confirms Noida Store Opening On December 11: Here’s What’s Coming
As per estimates by the Department of Commerce and the India Cellular and Electronics Association (ICEA), accessed by IANS, the April-August period saw mobile phone exports worth $5.5 billion, against $3 billion (about Rs 25,000 crore) in the same period in FY22-23. According to industry sources, Apple led the India-made phone exports in the April-August period, surpassing more than 50 per cent of the total estimated figure for the first time, followed by Samsung.
In the June quarter, Apple shipped nearly 50 percent of the country’s total 12 million smartphone shipments, as compared to Samsung’s 45 percent export, sources told IANS.
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— IANS
