Apple India's Stellar FY23: Revenue Nears Rs 50,000 Crore, Profits Jump 76%

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 region​1​​2​​3​​4​​5​.

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.