Tim Cook Says Apple’s India Revenue Highest In Dec Quarter, Pushed By Increased iPhone Sales

Tech giant Apple’s India business logged the highest revenue in the December quarter, driven by increased iPhone sales and higher adoption of its products by enterprises, the company’s chief executive Tim Cook said in the Q1 earnings calls.

The Cupertino-based company’s India business recorded revenue of INR 49.3K Cr (almost $6 Bn) in FY23, an increase of 48% from INR 33.3K Cr ($4.03 Bn) in the previous fiscal year.

During the call, Cook highlighted the significance of emerging markets, noting India’s strong double-digit growth in revenue.

He emphasised that this trend has been consistent throughout the year highlighting the vital role played by emerging markets in Apple’s global strategy.

Apple disclosed its global financial results for the quarter ending December, reporting a healthy revenue of $119.6 Bn, a 2% increase from the previous year’s $117.91 Bn.

To be sure, iPhone and Mac devices, outpaced the iPad performance despite a flat global demand.

iPhone revenue reached $69.7 Bn, reflecting a 6% year-over-year increase, while Mac revenue stood at $7.78 Bn, and iPad revenue was $7.02 Bn. Additionally, services contributed significantly, generating $23.12 Bn in revenue for 2023.

Cook highlighted that Apple achieved revenue records across more than two dozen countries and regions, including Europe and the rest of the Asia Pacific.

“We also continue to see strong double-digit growth in many emerging markets, with all-time records in Malaysia, Mexico, the Philippines, Poland, and Turkey, as well as December quarter records in India, Indonesia, Saudi Arabia, and Chile,” Cook stated.

Cook pointed out that India witnessed strong revenue growth in the December quarter, reaching a quarter revenue record.

Apple’s India business has recorded a revenue of INR 49.3K Cr (almost $6 Bn) in FY23. 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.

According to a Counterpoint report, Apple surpassed 10 Mn iPhone units sold in India in 2023, a substantial increase from 6 Mn in 2022. This mark positioned Apple as the top phone maker in terms of revenue, surpassing its Korean rival Samsung.

In 2023, Apple accounted for 23% of the smartphone revenue share outpacing Samsung’s 21%. This marked a significant shift from 2022 when Samsung held the top spot with a 22% share and Apple had 17%, as reported by Moneycontrol.

Apple’s expanding presence in India was highlighted by the inauguration of its fully-owned retail outlets, the Apple BKC Store in Mumbai and Apple Saket Store in Delhi, both generating monthly revenues of approximately INR 22-25 crore. Apple plans to expand its retail footprint to more Indian cities.

Recently, Apple inaugurated its second office in Bengaluru, a 15-floor LEED Platinum-certified building capable of accommodating 1,200 employees, signalling a positive start to the year 2024.

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