Apple India Revenue Nears $6 Bn Milestone In FY23

Apple’s India business has recorded a revenue of INR 49.3K Cr (almost $6 Bn) in FY23, marking an increase of 48% from INR 33.3K Cr ($4.03 Bn) in FY22.

According to RoC filings, Apple India generates 94.6% of its revenue from sales of products and 5.4% from maintenance and services.

The net profit surged 76% to INR 2,229 Cr in FY23 from INR 1,263 Cr in FY22, as per the filings.

The FY23 results came in just a few days after Tata Electronics Private Limited (TEPL) confirmed the acquisition of the iPhone manufacturing unit of the Taiwanese firm Wistron Corp for $125 Mn.

As part of this deal, Tata will acquire the Karnataka plant of Wistron, which employs about 10,000 people to assemble iPhone14. Prior to this, Tata was manufacturing the metal body of Apple smartphones at its Tamil Nadu plant.

The global smartphone brand has ambitious goals for its Indian market. According to Counterpoint Research, Apple sold 1.5 Mn units of its iPhones during the first week of the festive season sale.

The Cupertino-based smartphone maker started the pre-booking of its latest iPhone series — iPhone 15, 15 Plus, 15 Pro, and 15 Pro MaxiPhone 15, 15 Plus, 15 Pro, and 15 Pro Max —  in India on September 15. Just a few days ahead of its launch, a study stated that Apple was all set to end 2023 with a 7% market share in the country, which is largely dominated by Android smartphones.

Apple has surged ahead of Samsung in smartphone exports from India, accounting for 49% of the country’s 12 Mn smartphone shipments in the second quarter of 2023 (Q2 2023).

Apple’s Focus On ‘Make In India’

For its part, Apple has been rapidly increasing its production capabilities in India over the past few quarters via its contract manufacturers.

It is expected to commence the production of AirPods at the Hyderabad facility of Taiwanese contract manufacturer Foxconn by the end of next year. The Hyderabad plant is projected to initiate large-scale manufacturing by December 2024 with an approved investment of $400 Mn by Foxconn.

Also, Apple’s key supplier Jabil Inc has reportedly started manufacturing AirPods components in India. Earlier this year, Apple CEO Tim Cook also launched the first Apple store in Mumbai and a second one in Delhi.