Apple has achieved a new quarterly revenue milestone in India for the April-June period, driven by robust local manufacturing and a significant increase in exports. The company’s strong performance comes as a result of the Indian government’s push for local production and its production-linked incentive (PLI) scheme.
During Apple’s Q3 earnings call, CEO Tim Cook revealed that the company set quarterly revenue records in over two dozen countries and regions, including India. The list also includes Canada, Mexico, France, Germany, the UK, Indonesia, the Philippines, and Thailand.
Cook highlighted that Apple also set an all-time revenue record in services, which saw a 14 percent increase. In India, Apple’s export figures for the April-June quarter reached approximately $3.8 billion, setting a new record for the company.
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In the broader context, Apple reported a record revenue of $85.8 billion for the June quarter, marking a 5 percent year-over-year increase. Luca Maestri, Apple’s Senior Vice President and Chief Financial Officer, noted that the Mac generated $7 billion in revenue, up 2 percent from the previous year, driven by the popularity of the new MacBook Air with the M3 chip.
Record-Breaking Mac sales
Maestri also pointed out strong performance in emerging markets, with record-breaking Mac sales in Latin America, India, and South Asia during the June quarter.
Prabhu Ram, VP of the Industry Research Group at CyberMedia Research (CMR), noted that the iPhone 15 series continues to perform well. “We believe Apple has significant growth potential in India in the coming quarters, buoyed by the new iPhone series and festive season sales,” Ram said.
In the last fiscal year (FY24), Apple’s sales in India hit new highs, reaching approximately $8 billion—a nearly 33 percent increase compared to the previous year. Industry estimates project that iPhone shipments will grow by over 20 percent this year, bolstered by domestic manufacturing support and strong distribution channels.
India’s electronics sector has also experienced rapid growth, reaching $155 billion in FY23, further contributing to the favorable conditions for Apple’s expansion in the region.
