Apple India Set To Clock Over INR 70,000 Cr In Revenue

Apple India is set to cross INR 70,000 Cr in revenue for the fiscal year ending in March, making it the second electronics brand in the country to reach the milestone after its South Korean rival Samsung.

In February, Apple India crossed the significant sales milestone of $8 Bn (INR 66,000 Cr). This marks the second consecutive year in which the iPhone maker has experienced sales growth exceeding 40%, according to a report by ET.

While the pace of expansion for Apple India is expected to decelerate in the coming years, it will likely continue to maintain robust growth in the high double digits. It’s worth noting that the data mentioned specifically pertains to domestic sales. iPhone exports are not included in Apple India’s financial records as they are part of global deals, and the local unit primarily functions as a sales entity.

Apple significantly boosted its market share in India from below 2% in FY18 to 6% by the conclusion of March 2023. This growth contrasts with Samsung’s performance, as the South Korean tech giant, despite retaining its dominance in the premium smartphone market segment, witnessed a decline in its overall market share. Samsung’s market share decreased to 20% in FY23, down from 26% in FY18.

Apple manufactured iPhones worth INR 1 Lakh Cr in India in 2023. The freight on board (FOB) value of the Apple devices stood at INR 1 Lakh Cr while the market value of the production stood between INR 1.5 Lakh Cr to INR 1.7 Lakh Cr.

For the uninitiated, FOB is the price of a product when it leaves the factory while the market value includes other charges such as taxes and dealer commissions.

Apple India recorded a year-end turnover of INR 49,321 Cr for FY23. However, this represents only 1.5% of Apple’s worldwide turnover, which stands at INR 32.6 Lakh Cr ($383.93 Bn).

Lately, Apple has been moving a part of its production out of China amid the ongoing geopolitical tensions between Beijing and Washington DC. The company’s pivot to India has largely been led by the Centre’s attractive production-linked-incentives (PLIs) for manufacturers in the country.

Additionally, Apple will start manufacturing AirPods at the Hyderabad Foxconn unit in December 2024.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.