Bengaluru: Apple in India is expected to record 36% growth in revenue to Rs 67,122 crore ($8 billion) in fiscal 2024 with its fast-growing market. Additionally, the company’s net profit increased by 23% to Rs 2,746 crore. These figures arise from data published by Tofler.
Apple distributed an interim dividend of Rs 9.4 lakh per share this financial year, taking the total dividend payout to Rs 3,302 crore. The company’s CEO Tim Cook expressed his excitement over the record revenue in India. “We opened two new stores in India this quarter and expect to open four more,” he said during an earnings call in October.
Greater control in the premium smartphone market
Apple’s strategic retail expansion and its focus on the premium smartphone segment, which includes devices priced at Rs 30,000 and above, have been key reasons for the company’s success. This segment now accounts for 17% of total smartphone sales and 45% of market value.
Tarun Pathak, research director at Counterpoint Research, says Apple’s growing success in India coincides with the growth of the premium segment. “The iPhone is the main driver of this growth, but Apple’s revenue is expected to exceed $10 billion in 2025,” he said. There will also be significant growth in services sales along with its other hardware products such as Mac, iPad, Watch and AirPods.”
Growing presence in the Indian market
Navkendar Singh, associate vice president, IDC India, said Apple has established a strong presence in the smartphone market in India in recent years. Furthermore, the expansion of the company’s retail channel has also played an important role in this growth.
Apple’s growing popularity among premium consumers in India is due to the quality and service of its products. Experts believe that India has the potential to become another big market for Apple in the coming years.
