Apple India's revenue nearly touched Rs 50,000 crore in the fiscal year 2023 (FY23), marking a significant 48% increase in sales to Rs 49,321 crore compared to the previous fiscal year. Consequently, the net profit soared by 76% to Rs 2,229 crore.
This growth in revenue and profit is largely attributed to robust sales of Apple products, which constitute 94.6% of the revenue, while the remaining 5.4% comes from maintenance and services.
Notably, this has been the fastest growth in net profit for Apple in India over the last five years, indicating a strong market performance and a positive reception of Apple products and services in the region12345.
In early 2023, India's Union Minister Piyush Goyal announced that Apple Inc. aims to increase its production in India to 25% of its global total, up from 5-7% currently.
Apple India's foreign exchange outflows for imports remained high in FY23, despite the company's efforts to expand local assembly. The outflows increased by 2% to Rs 18,140 crore, suggesting that Apple still relies heavily on imported components and goods.