Apple India’s FY24 Profit Jumps 23% To INR 2,746 Cr

SUMMARY

The big tech major’s Indian arm also witnessed a robust 35.6% YoY growth in sales to INR 66,727.7 Cr in FY24 from INR 49,188.2 Cr in FY23

Apple India’s total expenses rose by 36.5% YoY to INR 63,397 Cr in FY24 from INR 46,443.8 Cr in FY23

As Apple moves more of its production to India, the big tech major aims to produce 32% of its global iPhone volume in India by FY27

Apple India reported a 23.1% jump in net profit to INR 2,745.7 Cr in the financial year 2023-24 (FY24) from INR 2,229.6 Cr in the previous year.

The big tech major’s Indian arm also witnessed a robust 35.6% growth in sales to INR 66,727.7 Cr during the year from INR 49,188.2 Cr in FY23, according to regulatory filings accessed via Tofler.

This comes at a time when Apple is gradually increasing its production in India. The company aims to produce 32% of its global iPhones in India by FY27. If global iPhone sales remain consistent with FY24 levels, this could equate to a production value exceeding $34 Bn.

For context, Apple manufactured iPhones worth $14 Bn in the country in the fiscal year ended March 2024.

Earlier this month, Apple also established a new subsidiary in the country, Apple Operations India, to focus on research, design, testing, and supporting third-party manufacturers.

In addition, it was also recently reported that Apple was partnering with a local electronics maker to commence initial manufacturing of the iPhone 17 base model in India.

Zooming Into The Expenses

In line with the increase in revenue, the company’s total expenses rose 36.5% to INR 63,397 Cr in FY24 from INR 46,443.8 Cr in FY23. Here’s a detailed breakdown:

Cost of Goods Sold: Spending under this bucket rose 35% to INR 53,658.7 Cr during the year under review from INR 39,786 Cr in FY23.

Employee Costs: Employee benefit expenses jumped 18% to INR 2,599.7 Cr in FY24 from INR 2,198.9 Cr in FY23.

Other Costs: The spending under this head surged 62% to INR 6,549.3 Cr from INR 4,052.9 Cr in FY23.

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