Apple’s Indian Business Strengthens with Impressive Double-digit Growth

Apple’s record quarterly revenue in India during the January-March period.  It was driven by strong sales of iPhones, which registered double-digit growth. Despite facing foreign exchange headwinds and weak sales of MacBooks, iPads, wearables, and home accessories, Apple has made its way to grow exponentially.

Apple CEO Tim Cook announced that the company had achieved strong double-digit growth and set a quarterly record in India during the January-March period. He also stated that India is a major focus for the company and expressed excitement about the market’s potential. Although no specific details were given, according to Counterpoint Research, Apple continued to lead the premium and ultra-premium segments in India during the quarter with 50% year-on-year growth and a 6% share.

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Financing schemes like no-cost EMIs and buy now, pay later options are contributing to the growth of premium smartphones in India, according to Apple CEO Tim Cook. During his recent meetings with Indian officials, Cook reiterated Apple’s commitment to expanding its manufacturing and technology base in the country.

Apple is aiming to broaden its customer base and increase its market share by opening retail stores in Mumbai and Delhi, according to Apple CEO Tim Cook. He expressed his satisfaction with the response from customers, developers, creators, and team members during his visit to the stores.

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During FY23, which aligns with Apple’s fiscal year starting in October, the company achieved a record high of $6 billion in sales from India, representing an increase of nearly 45%. Industry estimates suggest that Apple accounted for half of the total smartphone exports worth Rs 90,000 crore during the same period. The Indian government reports that in the last two years, Apple has created over 100,000 new direct manufacturing jobs, with 70% of these positions filled by women.

Apple’s current workforce in India amounts to 2,500 employees. Although the tech giant’s global revenue for the January-March period decreased by 2.5% year-on-year to $94.8 billion, iPhone sales accounted for $51.3 billion of the total revenue, while net profit declined by 3.4% year-on-year to $24.2 billion.