Apple Sets Revenue Record In India Amid Global Slowdown

Apple achieved record revenue in India during the quarter ending in March 2024, although it saw an overall 4% decline in revenue attributed to a 10% decrease in iPhone sales compared to the same period last year.

“We did grow strong double-digit. And so we were very pleased about it. It was a new March quarter revenue record for us. As you know, as I’ve said before, I see it as an incredibly exciting market and it’s a major focus for us,” Apple CEO Tim Cook said during its earnings call.

Apple posted $90.75 Bn revenue in the March quarter, up from $81.8 Bn in the year-ago period.

“In terms of the operational side or supply chain side, we are producing there, from a pragmatic point of view, you need to produce there (India) to be competitive,” he added further.

Cook also spoke about their expansion activities in India, which include both operational endeavours and go-to-market strategies. Recent store openings in the region signify the considerable opportunities the company perceives in the market, he said.

Moreover, Apple is actively expanding channels and cultivating the developer ecosystem, with a growing base of developers proving promising.

Apple saw huge growth in emerging markets as it set first-half revenue records across various countries and regions including Latin America, the Middle East, India, Indonesia, the Philippines, and Turkey.

“China is by far the largest emerging market that we have. But when we started looking at places like India, like Saudi, like Mexico, Turkey, of course, Brazil and Mexico and Indonesia, the numbers are getting large, and we’re very happy because these are markets where our market share is low, the populations are large and growing. And our products are really making a lot of progress with the — in those markets,” Cook said.

It was reported earlier that Apple’s two India-based company-owned outlets each reported revenue of INR 190-210 Cr in the fiscal year ended March 31, 2024 (FY24), emerging as the top-performing retail outlets of the iPhone maker globally.

Apple’s India business 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.

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.