Apple Achieves 36% Revenue Growth in India, Eyes Further Expansion

Apple continued its strong performance in India during FY24, with revenue surging 36% to Rs 67,122 crore ($8 billion) compared to the previous year, according to Tofler data. The company also reported a 23% increase in net profit, reaching Rs 2,746 crore. 

Additionally, Apple paid an interim dividend of Rs 9.4 lakh per share, amounting to a total payout of Rs 3,302 crore across its 35,002 equity shares.

During an earnings call in October, Apple CEO Tim Cook expressed enthusiasm about the company’s success in India, celebrating an all-time revenue record. "We also opened two new stores during the quarter, and we can't wait to bring four new stores to customers in India," Cook said, highlighting Apple's strategic retail expansion in the country.

India’s growing premium smartphone market has played a significant role in Apple’s success. The segment, comprising devices priced above Rs 30,000, now accounts for 17% of overall sales volume and 45% of total market value. Apple's flagship iPhone remains a key driver of its growth, bolstered by increasing demand and expanded retail presence across the country.

Tarun Pathak, Research Director at Counterpoint Research, noted that Apple’s trajectory in India aligns with the premium segment's rise. He projected that Apple's India revenues could surpass $10 billion by 2025, with growth not only in iPhones but across other hardware categories, including Macs, iPads, watches, and AirPods, as well as its expanding services division.

Navkendar Singh, Associate VP at IDC India, acknowledged Apple’s consistent success in recent years, particularly in the smartphone market. Pathak added that Apple's strengthened market presence, bolstered by an expanded distribution network, has been a key factor in its sustained growth.

With India’s premium smartphone segment expanding rapidly, Apple’s strategic focus on the market positions it for continued success, leveraging both its retail and product ecosystems.