Despite facing significant headwinds in India last year, Apple India’s sales figure has risen to Rs 11,619 crore ($1.8 billion) for the year ending March 2017, as reported by Mint, marking a 17 per cent growth over the previous year.
India is on the key markets for Apple, whose Chief Executive Officer (CEO) Tim Cook had said, “Revenue from emerging markets outside of greater China was up 40 per cent, with great momentum in India, where revenue doubled year over year”.
“I feel like we’re making good progress there and are gaining understanding of the market, but we still have a long way to go, which I sort of see as an opportunity instead of a problem. And I do feel great about the growth rate. And so that’s India,” he said in a November post-earnings call with investors.
Apple has recently launched several initiatives to increase its footprint in India, including the in-country production of its iPhones.
The iPhone SE models being produced in India are already being shipped out to customers. The phones are produced by the Taiwanese original equipment manufacturer (OEM) Wistron in Bengaluru.
Apple plans to launch several other services like the Apple Pay to nurture its ecosystem in the country and to increase the brand’s appeal.
However, the growth in revenue was lesser than the 53 per cent growth it registered for the year ending March 2016. The fall in growth rate is being attributed to the demonetisation and large-base effect - sustaining growth beyond the initial spurt. The first billion dollars were easy for a brand like Apple, but the next ones will get trickier.
Apple Senior Vice President Eddy Cue had expressed optimism about India in a 16 October interview saying ,“At the Apple level, India is an incredible opportunity... because what we’re seeing is huge advancements in digitization, bypassing older technologies to newer technologies and we think that we have a really great product that can help move things even faster. And that’s the reason I’m here, that’s the reason (CEO) Tim (Cook) came here before. That’s the reason why Tim will be back and I will be back.”
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