Apple India sales hit US$8 billion on strong iPhone sales

According to the Mint, Business Standard, and the Times of India, Tofler cited Apple India's corporate filing with the Registrar of Companies of India, disclosing that, driven by rising iPhone sales, the company's revenue reached INR671.216 billion (US$7.95 billion) in the fiscal year ending March 2024, a 36% increase compared to the previous year. The company's net profit rose from INR2.229 billion in fiscal 2023 to INR2.745 billion.

Record-breaking performance

Since 2023, Apple has been setting quarterly sales records in India. As of the third quarter of 2024, Apple has achieved 10 consecutive quarters of year-over-year growth in quarterly revenue. Beyond iPhone sales, Apple has also seen growth in enterprise PC deals and iPad sales.

In an earnings call in October, chief executive Tim Cook stated, "We continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record. We also opened two new stores during the quarter, and we can't wait to bring four new stores to customers in India."

Market competition

While Apple India has seen growth, it still lags behind Samsung Electronics. Samsung's sales in fiscal 2024 were INR1.03 trillion (US$12.2 billion), up from INR989.24 billion in the previous year.

Strategic expansion

Apple's strategic approach in India has significantly bolstered its position in the rapidly expanding smartphone market. The company's strategy involves offering discounts and trade-in options, making iPhones more accessible by lowering average ownership costs, thus attracting a price-sensitive demographic.

Additionally, the rise of the second-hand market has also contributed to Apple's competitive edge, as pre-owned iPhones provide an affordable gateway into the brand. Through various financing options, Apple has lightened the financial load for buyers, promoting wider adoption of its premium products.

The expansion of Apple's retail footprint in India has improved brand visibility and provided consumers with direct access to its range of products and services, supporting sales growth.

Future outlook

During the October earnings call, Cook mentioned that the company opened two new stores during the third quarter and plans to bring four new stores to customers in India.

Analysts expect Apple's momentum in India to continue as the premium smartphone market grows. By 2025, iPhone revenue in India is expected to exceed US$10 billion. Sales of other Apple products such as Mac, iPad, Watch, AirPods, and services are also expected to grow significantly.

Source: Mint, compiled by DIGITIMES Asia, November 2024