Apple announced its third-quarter financial report in August, which overall disappointed investors. However, the performance of the Greater China market was unexpectedly strong, and iPhone sales in the Indian market also reached a new high.
Although Apple’s financial report did not mention the details of the Indian market revenue, according to regulatory documents submitted by Apple to the Registrar of Companies (RoC), Apple’s business revenue in India this year has been close to 50,000 billion rupees. This is another milestone created by Apple in India. A milestone.
Data show that Apple India’s sales in the 2022-23 fiscal year increased by 48% to 49,321 billion rupees (currently approximately RMB 43.353 billion); the company’s net profit also surged 76% to INR 2,229 billion.
RoC filings show that Apple India generates 94.6% of its revenue from product sales and the remaining 5.4% from after-sales maintenance and paid services. It is worth mentioning that Apple has yet to fully expand its services business in India, which accounts for about 30% of its total global sales.
The Economic Times pointed out that this is the fastest growth in Apple’s net profit in India in the past five years. Analysts attribute the growth to the rising sales share of new-generation devices, which offer higher profit margins. Additionally, component costs have fallen, contributing to a surge in profits.
Tarun Pathak, research director at mobile phone market tracker Counterpoint Research, predicts that Apple’s business in India will continue to grow in the coming years.
Tarun Pathak, research director at Counterpoint Research, predicts that Apple’s business in India will continue to grow in the coming years.
Mohit Yadav, founder of business intelligence firm Altlnfo, said the growth demonstrated Apple’s unlimited expansion potential. “Apple has demonstrated extraordinary financial prudence, reflected in its high percentage growth in revenue and profits, which demonstrates the company’s unlimited growth potential,” he said.
While the iPhone currently drives the majority of sales in India, Pathak believes other revenue streams, such as other products and services, will also contribute significantly in the near future. He further explained that the increase in profits can be attributed to the increased share of new-generation devices, as evidenced by the continued rise in iPhone average selling prices in India.
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