Apple Doubled Its Business In India During Fiscal 2021: Tim Cook

“During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam,” said Apple CEO Tim Cook during the company’s 2021 Q4 earnings call.

Apple reported $366 Bn in revenue during the financial year, representing an 33% annual growth. It recorded $83.4 Bn in revenues during the September quarter, up by 29% compared to last year. According to Tim Cook, silicon-shortages and manufacturing disruptions due to the pandemic cost the company $6 Bn.

Apple was also the fastest-growing brand in India during the third quarter of this financial year, growing by 212%. According to Counterpoint Research, the Cupertino-based company also led the premium smartphone category, with 44% market share in India.

The tech giant had launched its online store in India last year. This financial year, the company is expected to set a company record with $3 Bn in revenue from India, a year-on-year growth of 60%, the Counterpoint report said. 

During the last fiscal year, Apple recorded a revenue of INR 13,756 Cr in India, registering a 29% YoY growth from the INR 10,674 Cr in FY19. The company’s net profits grew much more than the revenue: 267% from INR 262.27 Cr in FY19 to INR 926.2 Cr in FY20. 

Globally, during the quarter ended in September, Apple’s services business also hit an all-time record with $18.3 Bn in revenue, growing 26% year-over-year. Services include cloud services, music, video, advertising, AppleCare and payment services. 

Despite the supply chain constraints, revenues from iPhone sales grew over 47% and set a September quarter record of $38.9 Bn. The iPad also performed well in the September quarter, with revenue from its sales going up 21% to reach $8.3 Bn partly due to customer demand for the M1-powered iPad Pro. 

The Wearables, Home and Accessories segment set a new September quarter record of $8.8 Bn. Apple doesn’t release separate sales figures for the Apple Watch, TV, HomePod and other products that fall into this category. 

Mac computers registered a revenue of $9.2 bn driven by strong demand for the M1-powered MacBook Air. According to Cook, the last five quarters were the best five quarters ever for the Mac.