Apple India posts 23 pc profit growth in FY24 amid iPhone demand surge

NEW DELHI — Buoyed by rising demand for its iPhones among aspirational youth and surge in exports, Apple clocked a 36 per cent increase in its operating revenue in India, surpassing INR 66,700 crore (about $8 billion) in FY24. The tech giant also posted INR 2,746 crore ($330 million) in profit last fiscal.

Apple India’s profit increased by 23 per cent in FY24 against INR 2,229.6 crore ($268 million) in FY23.

Apple India’s revenue from operations grew to INR 66,727 crore in FY24 from INR 49,188 crore ($6 billion) in FY23, according to its financial statements.

Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24).

Revenue from product sales increased by 36.53 per cent to INR 63,297.25 crore ($7.6 billion) and service sales jumped by 21.41 per cent to INR 3,430.45 crore.

On the expense side, material costs remained the largest expense category, accounting for 84.6 per cent of the total expenses.

The iPhone exports from India surged to cross $10 billion in 2023-24 from $6.27 billion in 2022-23.

In a new record, Apple reached almost INR 60,000 crore in iPhone exports from India in the first seven months during the current fiscal (FY25). In the April-October period, the Cupertino-based tech giant exported iPhones worth almost INR 60,000 crore (over $7 billion), at almost INR 8,450 crore (nearly $1 billion) worth export each month in the ongoing financial year, according to industry data.

In the July-September period, the Tim Cook-led company clocked an all-time revenue record in India.

“We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple,” said Cook.