Apple India's FY23 revenue crosses Rs 50,000 crore in strong premium play

Apple's business in India has achieved a revenue of nearly Rs 50,000 crore. In the fiscal year 2022-23, the revenue grew by 48 percent to Rs 49,321 crore, with net profit increasing by 76 percent to Rs 2,229 crore, to a filing with the Registrar of Companies (ROC). This was the fastest growth in net profit for Apple in India in the last five years. Analysts attributed this growth to a higher share of new-generation devices with higher margins and lower component costs. However, Apple India did not disclose the reason for the increase in sales and profit.

"This surge in Apple's business in India is expected to continue for the next few years. Mohit Yadav, founder of AltInfo, a business intelligence firm, notes that Apple has demonstrated remarkable financial prudence, reflected in high percentage increases in both its top and bottom lines. This suggests limitless growth potential for the company. Tarun Pathak, research director at mobile phone market tracker Counterpoint Research, adds that the brand is vigorously riding on the wave of premiumization in the market, thanks to a rise in consumer financing".

"This fiscal year, iPhones are driving the majority of sales for Apple in India. However, the company expects to see a surge in revenue from other products and services in the coming years. This increase in profit is due to a greater share of new generation devices, as reflected in the continued growth of iPhone's average selling prices in India," said Pathak. to filings with the Registrar of Companies, 94.6% of Apple India's revenue comes from product sales, while 5.4% comes from maintenance and services. Currently, Apple's services business in India is not as developed as it is globally, where it contributes around 30% to its sales.