International calls for iPhones made in India ring louder; Apple may hit Rs 1 lakh cr export mark in FY25
Apple has started FY25 with a bang in India — exports of iPhones made in the country nearly doubled in April to $1.1 billion (Rs 9,000 crore) from $580 million a year ago, according to official data reviewed by ET. April is typically a low-export month as there aren’t too many festive sales in any part of the world during the month, experts said.
Based on this, they expect the US giant to achieve the Rs 1 lakh crore export mark in FY25 as India emerges as the firm’s second manufacturing base for iPhones outside China. iPhones are only made in India and China and experts estimate that 14-15% production has shifted to India and is likely to reach 26% by 2026.
Apple exports a bulk of its total India production. In FY24, Apple’s total production in India touched $14 billion (Rs 1.2 lakh crore). The company’s exports crossed $10 billion (Rs 85,000 crore). Both these figures were the highest achieved by any company in India till date for a single financial year.
To be sure, the export numbers take into account the freight on board (FOB) value at which the device leaves the factory. Retail prices are about 60% higher.
Apple, which didn’t respond to ET’s queries, has three contract manufacturers in India — Foxconn, Wistron and Pegatron, all of which are beneficiaries of the smartphone production-linked incentive (PLI) scheme.
FOXCONN TOP EXPORTER
Taiwan-based Foxconn, the world’s largest contract manufacturer, is the primary exporter of India-made iPhones, contributing over 70%, followed by Wistron (27%) with Pegatron
