Apple Inc has reported a remarkable 36% surge in its operating revenue in India for the fiscal year 2023-24 (FY24), crossing Rs 66,700 crore (approximately $8 billion).
This growth was fueled by a surge in iPhone sales among India’s aspirational youth and a significant boost in exports.
The company also recorded a 23% increase in profit, reaching Rs 2,746 crore ($330 million) compared to Rs 2,229.6 crore ($268 million) in the previous fiscal year.
According to Apple India’s financial statements, its revenue from operations jumped to Rs 66,727 crore in FY24, up from Rs 49,188 crore ($6 billion) in FY23.
The company valued its Indian operations at $23.5 billion during the last fiscal year.
Product & Service Revenue See Strong Growth
Revenue from product sales witnessed a robust 36.53% increase, climbing to Rs 63,297.25 crore ($7.6 billion). Service sales, encompassing software and subscriptions, also saw a healthy rise of 21.41%, reaching Rs 3,430.45 crore.
Material costs remained Apple India’s largest expense category, accounting for 84.6% of the company’s total expenses, reflecting the heavy investment required to sustain its supply chain.
iPhone Exports Hit Record High
Apple’s export operations in India set new records, with iPhone shipments from the country surpassing $10 billion in FY24, a significant increase from $6.27 billion in FY23.
During the first seven months of the ongoing fiscal year (FY25), iPhone exports from India nearly reached Rs 60,000 crore ($7 billion), averaging approximately Rs 8,450 crore ($1 billion) per month between April and October 2023.
India Becomes A Key Growth Market
In the July-September quarter of 2023, Apple achieved an all-time revenue record in India, further highlighting the country’s importance to the Cupertino-based tech giant.
CEO Tim Cook expressed optimism, stating, “We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple.”
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