Apple India revenue rises 36% to ₹67,122 crore in FY24, driven by iPhone sales | Company Business News

Apple India reported a revenue of ₹67,121.6 crore for the financial year ended March 2024, up 36% from a year earlier, driven by higher iPhone sales. Yearly profit rose to ₹2,745 crore from from ₹2,229 crore in FY23, Tofler’s review of the company’s regulatory filings showed.

The Cupertino, California-headquartered tech giant has been scoring record quarterly sales in India since calendar year 2023. Including the latest July-September quarter, Apple announced the 10th straight three-month period when the iPhone maker’s quarterly revenue has been higher year-on-year.

In FY23, Apple’s revenue grew by a massive 47.8% to ₹49,321 crore.

For FY25, iPhones are expected to generate nearly $11 billion in sales for Apple India with Mac, iPad, wearables and services likely to bring in another $4-6 billion and setting the company on road to a new annual revenue milestone in the country.

Also read | Apple marks record India, global quarterly revenues, driven by iPhone sales

Apple India’s revenues are still lower than those of Samsung Electronics, which clocked sales of ₹1.03 trillion in FY24, up from ₹98,924 crore in the year before, as per filings with the Registrar of Companies (RoC). Profit for FY24 was ₹8,188 crore, more than doubling from ₹3,452 crore in the year prior.

Apart from iPhone sales, Apple is also seeing an uptick in enterprise PC (personal computer) deals, and the rise of iPads as a category based on the need for larger infotainment displays.

Navkendar Singh, associate vice-president at market researcher IDC India, said, “Apple has been doing well in the past few years, especially in the smartphone market. iPhone shipments have seen healthy growth for the past few years, reaching 9.7 million in 2023, and expected to clock more than 12 million in 2024. All this coming at almost three times the average selling price of the overall market is a huge achievement for Apple in India.”

Also read | Apple’s China Sales Remain Weak Spot in Otherwise Solid Quarter

The average selling price of iPhones in India currently stands at more than $950, with a majority of the shipments taking place in the $700-plus categories of models.

In the January-September period, Apple had already shipped 9 million units, which was 35% higher than what it had shipped in the same period last year. Suring July-September, Apple had record 4 million shipments, a 58.5% year-on-year growth. It registered an 8.6% market share, ranking sixth in the overall smartphone market, as per IDC data.

Apple logged an estimated $3.75-4 billion in India revenue in July-September, Mint reported earlier this month. The sales were driven by iPhones, iPad tablets and the Mac lineup of desktops and laptops, pushing it up against competing brands like Samsung and Xiaomi in India’s consumer gadgets market in terms of revenue share.

Also read | Tim Cook ‘excited’ about India, confirms plans to open four more Apple stores

“We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. We also opened two new stores during the quarter, and we can’t wait to bring four new stores to customers in India,” chief executive Tim Cook said at Apple’s headquarters at Cupertino, California, in a conference call with investors earlier this month.

Apple’s India performance has remained resilient on the back of discretionary upgrades to its smartphone lineup, which continues to remain aspirational for most buyers in the country. Discounts on strategic models, exchange offers and the rise of the pre-owned devices market, besides financing schemes, have driven down the average cost of ownership of an iPhone in India, making it accessible to users and a competing device among other smartphones, analysts said.