iPhone maker Apple's business in India saw a 48% growth in FY23 with revenues coming in at ₹49,332 crore, according to company research platform Tofler. Its net profit also saw a significant growth of 77% to ₹2,229.65 crore over the same period last year, while its total expenses came in at ₹46,444 crore, an increase of 46.5%.
While reporting its financials for the June quarter, Apple highlighted its “impressive performance” in India during the quarter, boosted by double digit growth on the back of the inauguration of retail stores in the country in April. Apple opened its first two standalone retail stores in India in Mumbai and Delhi.
Apple is set to announce results for the September quarter (Q4) globally on November 2, post its upcoming “Scary Fast” event, which takes place at 5 pm, California time on October 30 (5.30 am IST, October 31). This would be the first time since 2018 that the company would announce results this late — usually the financials are released around late October.
In India, a bulk of Apple's sales are led by iPhones.
According to data from market intelligence firm CyberMedia Research (CMR), Apple had a 6% market share in the first half of 2023 in India's smartphone market, while its shipments grew 68% annually. CMR's data further showed that Apple was the top contributor in the super-premium segment (₹50,000 – ₹1,00,000) with 63% share.
Apple has been doubling down on the India market not just in terms of its product sales, but also in terms of making iPhones and other Apple products in the country.
Apple's iPhone assembly partner Wistron Corporation announced on October 27 that its subsidiaries, SMS InfoComm (Singapore) Private Limited and Wistron Hong Kong Limited will sign a share purchase agreement with Tata Electronics for a 100% indirect stake in Wistron InfoComm Manufacturing (India) Private Limited (WMMI) for an estimated $125 million.
This means Tata Electronics will soon start manufacturing iPhones in India not just for the domestic market, but global markets as well.
(Edited by : Pihu Yadav)
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