Apple Announces Bumper iPhone Sales, Profit Jump in India Ahead of 4 New Stores

Apple has revealed its iPhone devices are selling more than before in India, boosting the company's revenue by 35.66 per cent compared to last year. The iPhone maker said its total income rose to ₹67,121.6 crore in the financial year 2023-24 from ₹49,321.8 crore in FY23 in a regulatory filing shared by Tofler. The rise in Apple's revenue from India precedes the company's plans to expand its offline footprint with four new Apple Store locations.

According to the filing, Apple posted a 23.15 per cent increase in net profit to ₹2,745.7 crore in the FY24, compared to a net profit of ₹2,229.6 crore in FY23.

"Apple India Private Limited, provides and markets Apple brand products and software, including mobile devices and laptops, reported its revenues for the financial year 2023-24 as Rs 67,122 crore, a 36 per cent jump since the last financial year. The company's total expenses for the fiscal were reported as Rs 63,397 crore," Tofler said.

Apple India's operations were valued at over ₹2 lakh crore in FY24, accounting for the company's fastest growth in the market where it recently doubled down on iPhone production. Apple began manufacturing iPhones in India in 2017 but has expanded its production capabilities over the years through its suppliers. While Foxconn remains the top supplier, Wistron sold its India iPhone production business to Tata Electronics, which has also announced a joint venture with Pegatron to expand the business. After the iPhone 16 Pro models, Apple now reportedly plans to build the iPhone 17 from scratch in India through the NPI (New Production Introduction) programme that it has historically carried out in China.

A rise in revenue from India for Apple also bolsters its position against Samsung, which recently slipped from the top two positions in the country's smartphone market. Losing its top positiong to Xiaomi first and Vivo later, Samsung is now the third largest smartphone brand in India in terms of shipments, according to Counterpoint Research. However, Samsung retains the position of the highest-selling smartphone brand globally, per IDC's latest data.