Apple achieved a milestone with record revenue in India for the quarter ending March 2024, even as it experienced a 4% decline in overall revenue due to a 10% drop in iPhone sales compared to the same period last year.
During the earnings call, Apple CEO Tim Cook expressed satisfaction with the strong double-digit growth in India, marking a new March quarter revenue record of $90.75 billion, up from $81.8 billion in the previous year. Cook highlighted the importance of India as an exciting market, emphasizing the need to be competitive by manufacturing locally. He discussed Apple’s expansion efforts in India, focusing on operational initiatives and go-to-market strategies, including recent store openings. The company is actively building channels and nurturing the developer ecosystem, with promising growth seen in emerging markets such as Latin America, the Middle East, and India.
Apple’s India-based company-owned outlets emerged as top performers globally, reporting significant revenue in the fiscal year ended March 2024. The company’s India business recorded substantial revenue growth, reaching INR 49.3K Cr (almost $6 Bn) in FY23, with a notable contribution from product sales.
RoC filings revealed that Apple India derives the majority of its revenue from product sales, with a growing focus on maintenance and services. Additionally, Apple’s manufacturing efforts in India saw substantial production of iPhones, further solidifying its presence in the market.
