Apple India's net profit up 76% to Rs 2,229 Cr in 2023
It rang up close to Rs 50,000 crore in revenues
Apple India business rang up a revenue of over Rs 49,000 Cr (close to $6 Bn) in 2023, imputing a 48% increase in earnings in 2022. Meanwhile, the company’s net profit went up by 76% to Rs 2,229 Cr in 2023, up from Rs 1,263 Cr in 2022, as per Apple’s Registrar of Companies (RoC) filings. According to the ROC, Apple India earns 94.6% of its revenue from the sale of products and 5.4% from maintenance and services.
This comes on the heels of Apple and Tata’s recent announcement that the latter has acquired the iPhone manufacturing unit of Taiwan-headquartered Wistron Corp in Karnataka, where its 10,000 employees will help assemble the iPhone 14, further cementing the Cupertino-based company’s commitment to the most populated country and economy in the world.
Apple has surpassed Samsung in smartphone exports from India, making up 49% of the country’s smartphone shipments in Q2 2023. Another study noted that Apple would be finishing 2023 with a not insignificant 7% market share in India, in a market mostly dominated by Android. Notably, India brings in 30% of Apple’s global sales in services.
Given the size of the population, that adds up to millions of customers, a fact not lost on Apple’s top management, with Apple CEO Tim Cook having opened India’s first and second Apple stores in Mumbai and Delhi respectively.
