“We had an all-time revenue record in India, we grew very strong double digits. It’s an incredibly exciting market for us and a major focus of ours. We have a low share in a large market and so it would seem that there’s a lot of headroom there... We see an extraordinary market—a lot of people moving into the middle class... Lots of positives, we put two retail stores there and they are doing better than we anticipated—it’s still early going but they are off to a good start and I couldn’t be happier with how things are going at the moment,” said Tim Cook, Chief Executive Officer, Apple, during an analyst call following the quarterly results.
Businessline had recently reported that the smartphone company recorded a 77 per cent increase in net profit to ₹2,230 crore in FY23, versus ₹1,263 crore accrued in FY22. This is according to the financial results for the fiscal year ending March 2023, provided by intelligence firm Tofler.
The popular iPhone maker’s India revenue rose by 48 percent from the previous year to reach a total of ₹49,322 crore in FY23 (versus ₹33,381 crore in FY22).
Apple dominates the luxury phone market in India, holding 63 per cent market share in this category. It also holds a six per cent market share in the overall smartphone segment, a number which is only expected to grow over the years.
To support its revenue growth, the company made significant investments in various areas, thereby increasing its total expenses. Tofler reported that Apple India’s total expenses for FY’23 were recorded at ₹46,444 crore, marking a notable increase compared to the ₹31,693 crore spent in FY’22.