Apple India's net profit up 76%, sales touched Rs 50,000 crore in FY23
Apple's revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48% to Rs 49,321 crore and net profit rising 76% 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).
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Offering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitAccording to RoC filings, Apple India generates 94.6% of its revenue from sales of products and 5.4% from maintenance and services.
Despite contributing around 30% of its global sales to its services business, Apple is yet to scale up its operations in India, the report mentioned.
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.
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% of the total estimated figure for the first time, followed by Samsung.
In the June quarter, Apple shipped nearly 50% of the country's total 12 million smartphone shipments, as compared to Samsung's 45% export, sources told IANS.
