After South Korean competitor Samsung, Apple India is expected to generate over Rs 70,000 crore in sales for the fiscal year that ends in March. This makes Apple India the second electronics firm to reach this significant milestone.
Two industry executives claim that Apple India's sales in February exceeded the $8 billion (about Rs. 66,000 crore) mark. According to them, this will be the company's second year of over 40% sales growth at the iPhone manufacturer.
According to analysts, the rate of increase will still be in the high double digits even if it may slow down in the next years. According to the figures presented, 90–92% of domestic sales were made of iPhones. Since these are international transactions and the local unit is a sales company, iPhone exports are not recorded in Apple India's financial records.
Apple India reported FY23 sales of Rs 49,321 crore, a 48% increase over the previous year. According to records with the Registrar of Companies (RoC), net profit increased by 76% to Rs 2,229 crore. In comparison, according to RoC records, Samsung India's revenues for FY23 totaled Rs 98,924 crore, of which Rs 70,292 came from the mobile phone segment. It made Rs 3,452 crore in net profit in FY23.
From day one, Apple will begin production of its new iPhone in India concurrently with its vendor operations in China and other locations. The India factories are now being readied for pilot production. September is usually when new iPhones are released. The three iPhone contract manufacturers in India for the corporation are Tata-owned Wistron, Pegatron, and Foxconn. In India, they produced iPhones valued at more than Rs 1 lakh crore in 2023. The CEOs did clarify that the higher-spec Pro versions will not be produced in the nation. According to an executive, this is caused by both Apple's desire to gradually improve the technological skills of its manufacturing partners and the decline in demand for the Pro series in India. Questions were not answered by Apple India.
Tarun Pathak, research director at Counterpoint, stated that during the current fiscal year, iPhone sales had surpassed other categories such as tablets and laptops, expanding by more than 60%. In the future, we anticipate Apple to grow in a wider range of categories, with a rise in income from device services. He predicted the company's growth in India over the next two to three years to be between 20 and 30 percent.
POSITION POLE For the first time, iPhone shipments to India surpassed 10 million in 2023, which enabled Apple to take the lead in the nation's smartphone revenue for a calendar year, according to Counterpoint. Additionally, according to the report, Apple was the only one of the top five smartphone companies to see growth internationally in 2023. According to a recent report by Counterpoint, while the US contributed the most volume to Apple's growth, double-digit growth in developing regions such as India, the Caribbean, Latin America, the Middle East, and Africa gave the company a significant boost.
