Apple India’s business is soaring high.
The world’s leading tech giant created a new record in India with their revenue coming close to the Rs 50,000-crore mark in the 2022-23 fiscal year. According to Registrar of Companies (RoC), the iPhone maker tech giant rang up a revenue of Rs 49,321-crore with the sales skyrocketed up by 48%. Apple’s net profit also saw a phenomenal increase, going up by 76% to Rs 2,229 crore in 2023 from Rs 1,263 Cr in 2022.
Over the last five years, this has been the company’s fastest growth in net profit in India. It has already surpassed Samsung in smartphone exports from India, and a study noted how Apple would finish 2023 with a significant 7% market share in India, despite the market being largely dominated by Android. However, Apple India has yet to offer a specific reason for the notable surge of sales and profits.
Apple India’s success comes on the heels of Apple and Tata’s announcement that Tata has acquired the iPhone manufacturing unit of Wistron Corp in Karnataka, headquartered in Taiwan. Its 10,000 employees will assemble the iPhone 14.