Apple India’s net profit up 76%, sales touched Rs 50,000 crore in FY23

Apple’s income in India hit almost Rs 50,000 crore in FY23, with gross sales growing 48% to Rs 49,321 crore and web revenue rising 76% to Rs 2,229 crore.

It is the quickest progress of web revenue for Apple in India within the final 5 years, in keeping with the Economic Times, citing data from Apple’s Registrar of Companies (RoC).

According to RoC filings, Apple India generates 94.6% of its income from gross sales of merchandise and 5.4% from upkeep and companies.

Despite contributing round 30% of its international gross sales to its companies business, Apple is but to scale up its operations in India, the report talked about.

Meanwhile, India noticed cell phones exports value $5.5 billion (over Rs 45,000 crore) within the April-August interval within the ongoing fiscal 12 months (FY24), in keeping with authorities and trade knowledge.

As per estimates by the Department of Commerce and the India Cellular and Electronics Association (ICEA), accessed by IANS, the April-August interval noticed cell phone exports value $5.5 billion, in opposition to $3 billion (about Rs 25,000 crore) in the identical interval in FY22-23.

According to trade sources, Apple led the India-made cellphone exports within the April-August interval, surpassing greater than 50% of the full estimated determine for the primary time, adopted by Samsung.In the June quarter, Apple shipped almost 50% of the nation’s complete 12 million smartphone shipments, as in comparison with Samsung’s 45% export, sources informed IANS.

Stay on prime of expertise and startup news that issues. Subscribe to our day by day publication for the newest and must-read tech news, delivered straight to your inbox.