Apple is minting big money in India, revenue touches Rs 50,000 crore, profit up by 76% in 2023

In a major financial milestone, Apple India has reported a substantial surge of nearly 5o per cent in its revenue for the fiscal year 2023, catapulting its total earnings to approximately Rs 50,000 crore. The profit margins have also witnessed substantial growth in this period.

Apple India Pvt., headquartered in Bengaluru, has successfully recorded revenue figures of Rs 49,321.8 crore for FY23, up significantly from the previous fiscal’s Rs 33,381.3 crore.

The company’s profit margin saw a remarkable 76.4 per cent year-on-year increase, amounting to Rs 2,229.6 crore during the fiscal year under review, as reported by data obtained from Tofler.

The vast majority of Apple India Pvt.’s revenue, approximately 94.6 per cent, stemmed from the sale of its iconic devices, including the iPhone, Mac, and iPad. The remaining 5.4 per cent was generated through the provision of maintenance services via its Apple Care insurance program.

This impressive surge in revenue and profits can be attributed to several factors, as experts have noted. A substantial portion of the revenue growth comes from the increased sales of new-generation devices, which offer more favourable profit margins.

Moreover, cost reductions in components during the last fiscal year have contributed to the financial success, according to analysts quoted by the Economic Times.

At the beginning of 2023, Union Minister Piyush Goyal disclosed Apple Inc.’s ambitious goal for India to account for approximately 25 per cent of its total production, marking a significant rise from the current 5-7 per cent contribution.

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In April, Apple achieved record-breaking sales of nearly $6 billion in India for the year ending in March, underscoring the growing significance of the Indian market for the US-based tech giant.

The Economic Times quoted Mohit Yadav, founder of AltInfo, a business intelligence firm, who hailed Apple’s impressive financial prudence, emphasizing the remarkable increases in both revenue and profits, which indicate the company’s potential for limitless growth.

As revealed in documents filed with the RoC, a substantial 94.6 per cent. of Apple India’s revenue is derived from product sales, while a smaller 5.4 per cent is attributed to maintenance and services. Remarkably, Apple has yet to expand its services business in India, despite it constituting approximately 30 per cent of its global sales.

The regulatory filings also unveil that Apple India’s foreign exchange outflows for the import of stock in trade, spare parts, and capital goods have not diminished in FY23, despite the company’s concerted efforts to scale up local assembly.