Apple India’s sales surpassed $4 billion, with profits increasing by 3% in fiscal year 22

• ByStartupStory     |    October 29, 2022

In the fiscal year 2022, Apple India’s consolidated revenue reached an all-time high of $4.03 billion (Rs 33,381 crore), up roughly 45 percent on the strength of robust demand for its premium iPhones.

As per filings with the registrar, the company’s net profit increased 3 percent to $150 million (Rs 1,263 crore) in FY22.

Apple’s chief financial officer, Luca Maestri, stated during the earnings call that India achieved a new all-time revenue record in terms of iPhone sales for the quarter.

Overall, including Apple India, the company’s fourth-quarter revenue of $90.1 billion increased by 8% year on year, and the yearly revenue of $394.3 billion increased by the same proportion as well.

Apple’s iPhone sector, in particular, saw net sales increase 10% year on year to $42.6 billion in the fiscal quarter that ended September 24, the conclusion of the company’s fiscal year.

Apple India’s overall expenses were $3.84 billion (Rs 31,693 crore), an increase of almost 49 percent from the previous year’s $2.58 billion (Rs 21,297 crore), owing mostly to an increase in costs and employee benefit expenses.

According to market research company Counterpoint Research, Apple sold over 6 million iPhone devices in India in 2021, more than doubling the 3 million supplied in 2020, due to aggressive development of its offline presence and enhanced manufacturing capabilities in the country.
Apple said last month that it has begun producing the iPhone 14 in India, a move that may significantly assist the country’s ambitions to become a global manufacturing powerhouse.

According to Counterpoint, Apple is now one of the leading companies in the country’s premium smartphone market (above Rs 30,000) and the top-selling brand in the ultra-premium class (above Rs 45,000).

It presently controls 37% of the premium smartphone market and 37% of the entire smartphone industry in the nation.

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