Apple: Bullish On India
Apple achieved a high double-digit year-on-year growth and record iPhone sales in India during the October-December quarter
Boosted by high scores on parameters like trustworthy leadership, effective growth plan and innovative products, Apple India ensured its place in the top 20 BW Businessworld Most Respected Companies list in FY23. However, the handset maker has slipped four places to the 11th position in the latest perception-based study by our knowledge partner.
Apple CEO Tim Cook has always termed India as a “hugely exciting market". And Apple India had its fair share of excitement in fiscal year 2022-23, with the iPhone maker witnessing a 48 per cent jump in revenue on a year-on-year basis to Rs 49,322 crore, according to various news reports citing the company’s submissions to the government. Apple India had registered revenues of Rs 33,381 crore in FY22. The company's profit increased about 77 per cent to Rs 2,230 crore in FY23, from Rs 1,263 crore in FY22 while its total expenses stood at Rs 46,444 crore.
Bumper Performance
In calendar year 2023, iPhone shipments grew about 39 per cent to 9.2 million units and India represented 4 per cent of iPhone shipments and revenue. Five years ago, India generated only 1 per cent of iPhone’s total revenue. Experts said if India maintained its current growth trajectory and China iPhone shipments stayed flat, India would be a bigger iPhone market than China by 2027.
And the proof is already out. In the recently concluded first quarter results (Q1 2024) for Apple, India reportedly once again clocked a “strong double-digit growth”. “It was a new March quarter revenue record for us," said Cook. The Apple CEO had visited India in April 2023 to inaugurate the first Apple Store in the country.
While iPhones are the biggest growth drivers for Apple, in India the company is also investing in operations in the country. “We just opened a couple of stores last year, and we see enormous opportunity there,” stated Cook during the earnings call.
Big on Sustainability
India is also a focus country for Apple’s sustainability initiatives. Apple prioritises sustainability in India, aiming to replenish all water used in critical areas through partnerships, targeting billions of gallons in benefits over the next 20 years.
