Apple's India Revenue Nears Rs 50,000 Crore: Sales Up 48 Per Cent, Net Profit Soars 76 Per Cent To Rs 2,229 Crore In FY23

Apple's India revenue reached nearly Rs 50,000 crore in the 2022-23 financial year, marking a 48 per cent increase, with net profit surging by 76 per cent to Rs 2,229 crore.

This significant profit growth is the fastest Apple has seen in India over the past five years, according to information provided by the tech giant to the Registrar of Companies.

Analysts attribute this growth to a higher share of sales from new-generation devices with better profit margins and cost reductions in components during the previous fiscal year, as reported by Moneycontrol.

This news follows the recent announcement that Tata Group will manufacture iPhones in India for both the domestic market and global customers, making Tata the first Indian company to produce iPhones locally.

The move comes after Wistron Corporation agreed to sell one of its plants in southern India to Tata.

Union Minister Piyush Goyal previously stated that Apple aimed for India to contribute around 25 per cent of its total production, a substantial increase from the current 5-7 per cent.

In April, Apple achieved record sales of nearly $6 billion in India for the year ending in March, underscoring the growing importance of the Indian market for the tech giant.

Apple India's revenue primarily comes from product sales, accounting for 94.6 per cent, while maintenance and services make up 5.4 per cent.

Apple has yet to expand its services business in India, despite it constituting about 30 per cent of the company's global sales.

Despite Apple's efforts to scale up local assembly in India, regulatory filings revealed that the foreign exchange outflow for the import of stock in trade, spare parts, and capital goods increased by 2 per cent to Rs 18,140 crore in FY23, suggesting a continued reliance on imported components and goods, contributing to foreign exchange expenditures.