Apple India has recorded enormous success with revenues during FY 2024 growing by 36% to ₹67,121.6 crore, as the company continued to perform well by selling more iPhones than ever before. The annual net profit of the company also increased as it stood at ₹2,745 crore as against FY23’s ₹2,229 crore. According to Tofler’s review of regulatory filings, the sales made by the company have reflected consistent growth in quarterly sales in India as well, with the latest data showing the 10th consecutive quarter year-over-year revenue growth.
This ensured the company’s revenue growth was even more astounding in FY23, at 47.8% to ₹49,321 crore. Apple’s hope for premium product sales, especially on the iPhone, has paid off: so much so that expectations have a chance of generating $11 billion in iPhone sales alone in FY25. Another $4 to $6 billion from Macs, iPads, wearables, and services will push the company closer to a new annual revenue milestone in India.
While these gains have helped Apple to recapture ground lost to Samsung Electronics in the region, the latter still raked in ₹1.03 trillion of sales in FY24. Strong foundations in India persist for Apple, however, as smartphones continue to fuel demand supplemented by growing enterprise PC, iPad, and wearables sales.
The market performance of the iPhone in India is particularly impressive. Apple’s iPhone shipments reached 9.7 million units in 2023 and stood at an over 12 million units projection in 2024. The average selling price of iPhones in India has crossed over $950, and most of the sales are happening in the higher-end $700+ categories, where the company has shown impressive growth in revenues. Apple shipped 9 million units in the first nine months of 2024, up 35% from the same period of last year.
In terms of market share, Apple is doing well, at 8.6% of India’s overall smartphone market as of the July-September quarter. During this period, Apple’s revenue in India is likely to have been in the range of $3.75 to $4 billion, on the strength of sales across iPhone, iPad, and Mac lines.
Apple’s growth in India continues to be reflected in the physical presence as it has just opened two new stores in the quarter under review and plans to launch four more in the next months. According to CEO Tim Cook, India is one exciting market that the company has seen with an all-time revenue record in the region. Not surprisingly, this is because Apple has priced the iPhone to affordability for a near-broader segment of India’s consumers through strategic pricing, discounts, exchange offers, and financing schemes.
