BENGALURU: Apple maintained double-digit growth in India, mirroring the company’s strong results in other emerging markets like Mexico, Brazil, and the Middle East.
Apple India’s revenue rose 36% to Rs 67,122 crore ($8 billion) in FY24 compared to the year-ago period. Its net profit rose 23% to Rs 2,746 crore during the same time, Tofler data showed. The company paid an interim dividend of Rs 9.4 lakh per share. This was distributed across 35,002 fully paid-up equity shares, with the total dividend payout reaching Rs 3,302 crore for the fiscal.
At a company earnings call in Oct, CEO Tim Cook expressed strong enthusiasm for India’s performance. He was upbeat about India registering 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,” he said in the call.
Apple’s strategic retail expansion is also boosting iPhone sales. With India’s premium smartphone market experiencing significant growth, the company’s timing couldn’t be better. Premium smartphone segment – consisting of devices priced at Rs 30,000 and above – has witnessed substantial growth. The category now represents 17% of overall sales volume accounting for 45% of the total market value.
Tarun Pathak, research director for devices and ecosystems at Counterpoint Research, said Apple’s momentum in India aligns perfectly with the growing premium segment trend. “While the iPhone remains the major driver, with revenues expected to cross the $10 billion mark in 2025, there will be growth in all other hardware categories. Sales of Apple’s, including Macs, iPads, watches, AirPods, and their services division, are projected to see substantial increases as Indian customers embrace its other product offerings,” he said.
Navkendar Singh, associate VP in DC India, said Apple has been doing well in the past few years, especially in the smartphone market.
Pathak said Apple’s market presence continues to strengthen, particularly expanding its channel presence across India which has contributed to its growth.