Apple India net profit zooms 253% in FY20 to Rs 926 crore

Apple India saw revenue for the financial year 2019-20 touched Rs 13,756 crore, a 29 percent jump year-on-year, while net profit grew by a whopping 253 percent to Rs 926 crore during the same fiscal, as per filings sourced from Tofler.

The company's total expenses for the fiscal stood at Rs 12,469 crore.

Apple is seeing sales in India grow rapidly, with chief executive officer Tim Cook calling out a 'record' September quarter for the company in India last week.

Apple sold 7 lakh phones in the country during the September quarter, according to Counterpoint Research. Apple did not respond to specific queries.

Counterpoint believes that the festive December quarter may actually be a new and bigger record for the company in terms of sales. Counterpoint Research has projected that Apple will sell over a million iPhones in the country during the current festive quarter.

According to another research consultancy firm Forrester, Apple has already sold 4 lakh iPhones during the first week of this festive month through online platforms such as Amazon, Flipkart, and its own online store. Apple launched its online store in India on September 23.

Counterpoint's latest report shows that Apple pipped Chinese rival OnePlus in the premium smartphone segment (above Rs 30,000) in India in the September quarter, driven by strong demand for iPhone SE 2020 and the iPhone 11.

Analysts say that Apple's push to local manufacturing could help it bring down prices and boost sales, and said the move is already paying off for the tech giant, as was evident in the record sales during the September quarter.

"Older generations iPhones have started being assembled in India. The performance of the iPhone 11 was partly due to the price cut in the past 1.5 years. In India, it is about affordability, and if Apple can make iPhone affordable, the sales will be very high," Tarun Pathak, associate director at Counterpoint had told CNBC-TV18.

Apple's contract manufacturing partners such as Foxconn and Wistron have been selected by the Indian government as part of its production-linked incentive (PLI) scheme.