The tech giant has achieved record-breaking quarterly sales in India since 2023
Apple India posted revenue of ₹67,121.6 crore for the fiscal year ending March 2024, marking a 36% increase compared to the previous year. The growth was driven by strong iPhone sales, while yearly profit surged to ₹12,745 crore, up significantly from ₹2,229 crore in FY23, according to regulatory filings analyzed by Tofler.
The company has maintained record quarterly sales in India since 2023. In the July-September 2024 quarter, Apple achieved its 10th consecutive period of year-on-year revenue growth, underscoring its robust performance in the market.
In FY23, Apple’s revenue had already witnessed an impressive growth of 47.8%, reaching ₹49,321 crore. Looking ahead, analysts predict iPhone sales in FY25 will generate close to $11 billion in revenue for Apple India. Additional contributions of $4-6 billion are expected from its Mac, iPad, wearables, and services segments, setting the stage for a new revenue milestone in the country.
Competition and Segment Growth
Despite Apple’s growth, its revenue remains below that of Samsung Electronics, which recorded ₹1.03 trillion in sales for FY24, up from ₹98,924 crore the previous year, as per filings with the Registrar of Companies. Samsung’s profit also saw substantial growth, more than doubling to ₹18,188 crore in FY24.
Beyond iPhone sales, Apple has seen increased demand for enterprise PCs and iPads, fueled by the need for larger infotainment displays. The average selling price (ASP) of iPhones in India is over $950—significantly higher than the market average—with most sales occurring in the $700-plus category.
Record Shipments and Expanding Presence
In the January-September period of 2024, Apple shipped 9 million iPhone units in India, a 35% increase compared to the same period last year. The July-September quarter alone saw 4 million shipments, representing a 58.5% year-on-year rise. This growth secured Apple an 8.6% market share in the Indian smartphone segment, ranking it sixth overall.
Apple’s sales momentum has been bolstered by discretionary upgrades to its aspirational smartphone lineup. In July-September, Apple reported approximately $9.7 billion in revenue in India, driven by the popularity of its iPhones, iPads, and Mac devices, pushing it closer to competitors like Samsung and Xiaomi in terms of revenue share in the consumer gadgets market.
Strategic Investments in India
Apple’s chief executive, Tim Cook, highlighted the company’s enthusiasm for the Indian market. “We are thrilled by the energy we’re witnessing in India, where we achieved an all-time revenue record this quarter,” Cook said during a recent earnings call. He also pointed out the opening of two new retail stores in India earlier this year, with plans for additional locations in the pipeline.
Apple’s focus on India reflects its strategy to capitalize on rising consumer aspirations and the growing appetite for premium devices. With continued expansion and strong product performance, Apple is poised to deepen its presence in one of the world’s most dynamic markets.
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