Apple sets all-time high revenue record in India | The Financial Express

Apple sets all-time high revenue record in India

According to CyberMedia Research data, sales of iPhones in India grew 44% quarter-on-quarter during the July-September quarter at 1.7 million units.

Apple sets all-time high revenue record in India
Balance is a new time-tracking app that has been launched on Mac. It focuses on work-life balance and offers users the ability to keep track of their schedule and spent time. (Photo Credits- Reuters)

Emerging markets like India made a strong contribution to Apple’s record revenues of $90.1 billion during the September quarter, CEO Tim Cook said in his earning call with analysts. The company’s annual revenue rose 8% to $394 billion. Apple Inc follows the October-September financial year.

“Across nearly every geographic segment, we reached a new revenue record for the quarter and we continue to perform incredibly well in emerging markets with very strong double digit growth in India, South East Asia and Latin America,” Cook said.

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“Our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record,” Luca Maestri, chief financial officer of Apple, said detailing the earnings.

According to CyberMedia Research data, sales of iPhones in India grew 44% quarter-on-quarter during the July-September quarter at 1.7 million units.

Meanwhile, Apple India filed its FY22 earnings with the Registrar of Companies (RoC) in the ministry of corporate affairs, which showed a strong performance during the year. The company’s net profit rose 3% year-on-year to `1,263 crore, whereas its revenue from operations rose 45.8% to `33,313 crore for the financial year ended March.

According to a recent report by Canalys, globally Apple was the only vendor among the top five to have recorded a strong positive growth of 8% in the September quarter, owing to heavy demand of iPhones despite a weak market. The premium smartphone maker has improved its market share globally to 18% from 15% in the year-ago period.

Back in India, the company witnessed a double-digit growth in the September quarter, according to the management. The quarterly numbers were not available for the India business.

For FY22, Apple India’s Ebitda rose 5.7% to `1,973 crore. The company currently has about 4% market share in the smartphone market in India.

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Apple has established a firm footing in India and has exported iPhones worth $1 billion in the first five months – April-August – of the current fiscal. In FY22, it had exported $1.3 billion worth of iPhones, at an average of $108 million per month. In the first five months of the current fiscal, the average is double of last year at $200 million per month. At this rate, Apple is likely to close the current fiscal at exports worth around $2.5 billion or even higher. This is because the $1 billion exports does not include iPhone 14 exports from India since the Made in India iPhone 14 only began at the end of September 2022. Once iPhone 14 joins the list of exports from India, the average export in dollar terms will increase further since the factory value of an iPhone 14 is much higher than a iPhone 11 or iPhone 12.

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First published on: 29-10-2022 at 06:00 IST