Apple Inc is set to report a 35 per cent year-on-year rise in its India revenue of nearly Rs 67,000 crore (just over $8 billion) for 2023-24, according to people in the know. The official financial filing is expected to be filed with the Registrar of Companies (RoC) by the Cupertino-based tech giant in September-October.
In fiscal 2023, Apple reported revenue in India of 49,332 crore rupees (nearly $6 billion), an increase of 48 percent from the 33,381 crore rupees (about $4 billion) the company posted in fiscal 2022.
Moreover, Apple posted a profit of Rs 2,230 crore in India in FY23, up 76.5 percent from Rs 1,263 crore profit in FY22, according to a company document. However, Apple’s India profit figure for FY24 could not be ascertained.
An Apple spokesperson declined to comment on the figures. Despite strong growth in the country, Apple’s share of total global sales in India remained modest — accounting for 1.5 percent of total revenue of $389 billion in FY23. That figure is expected to rise modestly to more than 2 percent in FY24.
Nevertheless, India has emerged as a crucial hub as Apple shifts more of its iPhone production out of China. With exports from India topping $10 billion in FY24, the country now accounts for about 14 percent of Apple’s iPhone production value.
Apple reportedly aims to increase this share to 23-25 percent by the end of FY26 by leveraging its three suppliers — Tata Electronics, Pegatron and Foxconn — during the final year of the production-linked incentive (PLI) scheme for mobile devices. The collective performance of these suppliers has significantly exceeded Apple’s targets under the PLI scheme. For instance, the total production value of iPhones assembled in India over the last three years has reached Rs 1,94,800 crore, far exceeding the target of Rs 133,493 crore. Similarly, exports from India have reached an FOB (free on board) value of Rs 140,280 crore in the last three years, far exceeding the target of Rs 97,497 crore till FY24.
Apple Inc CEO Tim Cook remains optimistic about the growing Indian market, which is growing by double digits year-on-year. In an earnings call a few months ago, Cook expressed his satisfaction, saying he was “very, very pleased” with the strong double-digit growth in India, describing it as an incredibly “exciting” market and a key focus for the company.
First print: Jul 16, 2024 | 12:04 PM IST