Apple India Reports 48% Growth In Revenue In FY23, Driven By iPhone Sales

The iPhone maker registered a revenue of Rs 49,332 crore in the reporting period and stated that it’s total expenses during the period grew by 46.5 per cent on a year-on-year (YoY) basis.

The US-based smartphone maker has been focusing on the Indian market recently, in terms of product sales, along with manufacturing iPhones and other Apple products in the country.

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Apple India’s business logged a revenue growth of 48 per cent in the fiscal year 2022-23 (FY23), data from company research platform Tofler revealed. The iPhone maker registered a revenue of Rs 49,332 crore in the reporting period and stated that it’s total expenses during the period grew by 46.5 per cent on a year-on-year (YoY) basis and stood at Rs 46,444 crore during the reporting fiscal.

The net profit for the business stood at Rs 2,229.65 crore during FY23, logging an increase of 77 per cent over the corresponding period a year earlier, reported CNBC TV18. The luxury smartphone maker is set to release it’s global financial results for the fourth quarter that ended September in the week on November 2. This marks the first time the company has delayed it’s earnings announcement beyond late October. 

In the India business, iPhones contributed to most of the company’s sales. Data from CyberMedia Research (CMR), a market intelligence firm, revealed that Apple controlled 6 per cent of the overall Indian smartphone market in the first half of 2023, while the company’s shipments increased 68 per cent annually. The report cited the data and said that Apple emerged as the top contributor in the super-premium segment, ranging from Rs 50,000 to Rs 1,00,000, in the country accounting for 63 per cent of the overall market.

The US-based smartphone maker has been focusing on the Indian market recently, in terms of product sales, along with manufacturing iPhones and other Apple products in the country. The company’s iPhone assembly partner Wistron Corporation said last week on October 27 that it’s subsidiaries, SMS InfoComm (Singapore) Private Limited and Wistron Hong Kong Limited would sign a share purchase agreement with Tata Electronics for a 100 per cent indirect stake in Wistron InfoComm Manufacturing (India) Pvt Ltd (WMMI) for about $125 million. This essentially means Tata Electronics will take over the manufacturing of iPhones in India for the domestic and global markets.