Apple India FY23 revenue hits Rs 50,000-crore on strong premium play
Apple's India business almost touched the ₹50,000-crore revenue milestone with sales growing 48% to ₹49,321 crore in 2022-23. Net profit too surged 76% to ₹2,229 crore, as per regulatory filings with the Registrar of Companies (RoC).
This has been the fastest growth in net profit for the Cupertino-based giant in India in over the last five years, which analysts attributed to higher share of sales of new generation devices where margins are more and there is reduction in component cost last fiscal.
Apple India did not reveal any reason behind the surge in sales and profit in the filings.
An email sent to the company remained unanswered till press time.
«Apple has demonstrated remarkable financial prudence, reflected in high percentage increases in both its top and bottom lines, suggesting limitless growth potential for the company,» said Mohit Yadav, founder at AltInfo, a business intelligence firm.
Tarun Pathak, research director at mobile phone market tracker Counterpoint Research, said this surge in Apple business in India is going to continue for next few years as the brand is strongly riding on the wave of premiumisation in the market on the back of rise in consumer financing.
«Bulk of the sales are driven by iPhones in India, but in the next few years other revenue streams like other products and services will start to fire in a big way. The rise in profit last fiscal is due to greater share of new generation devices as it is also reflected in the continued surge of iPhone's average selling prices in India,» said Pathak.
As per the Registrar of Companies filings, 94.6% of Apple India revenue is generated from product sales while 5.4% comes from maintenance and services.
