Apple India's FY'23 revenue surges by 48%, profits soar by 77%

Apple India's net profit for FY 2023 surged by 77% YoY, reaching ₹2,230 crore compared to ₹1,263 crore in FY 2022. The tech giant's net revenue also witnessed a substantial 48% increase, reaching ₹49,322 crore in the previous fiscal year, up from ₹33,381 crore in FY 2021-2022, as reported by PTI, referencing data from business intelligence firm Tofler.

Tofler noted, "The company's total expenses for the fiscal year were reported at ₹46,444 crore," in contrast to around ₹31,693 crore in FY 2022.

Apple's presence in India

During the year, Apple introduced its iconic stores in Delhi and Mumbai, India. CEO Tim Cook announced in August that the company achieved "record" revenue in India for the June quarter. India has become a promising market for Apple, particularly with the growth in iPhone sales. The company is expected to capture 7% of the smartphone sales market share in India from July to December, marking a 5% increase in the first half of 2023, according to Reuters, citing data from market researcher Counterpoint.

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Apple is poised to expand its presence in India's smartphone market, capitalizing on its growth potential as sales of its flagship device decline. The company is also exploring alternatives to China for its manufacturing operations.

The data also indicates that the iPhone 15 and iPhone 15 Pro are projected to constitute 25% of the overall iPhone 15 shipments in India in the fourth quarter, marking a 4% increase from the previous generation's top-range models a year earlier, as reported by Reuters.

Apple stands as a prominent player in the premium smartphone segment in India, holding a 67% share in the first half of the year for smartphones priced over $800, based on IDC data, while Samsung accounted for 31% of the segment.