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.
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.
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.
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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