Apple: Apple reports fastest-ever growth in India; here’s what is fueling this record sales

Apple has created a new record in India. The iPhone maker’s revenue came close to the Rs 50,000-crore mark during the 2022-23 fiscal year. According to regulatory filings submitted to the Registrar of Companies (RoC), the Cupertino-based tech giant posted a revenue of Rs 49,321 crore as the company’s sales went up by 48%. Apple’s net profit also saw a significant increase of 76% as it reached Rs 2,229 crore.
Over the last five years, this has been the company’s fastest growth in net profit in India.Analysts claim that this growth is fuelled by an increase in sales of premium devices. These devices offer better profit margins. In the previous fiscal year, Apple also reduced the component costs of its products. Apple iPhone 15 series went on sale in India on September 22, the same time as in the US. The company is said to have seen a growth of over 150% in the sales of the iPhone 15 series vs the previous generation in the same period. TOI Tech spoke to some of the premium retailers in the country including Croma, Vijay Sales and Reliance Digital, all of them have claimed unprecedented interest in iPhone 15 Pro models.
However, Apple India has yet to provide any specific reasons for the notable surge in sales and profits in their filings. Apple has a quarterly earnings call on November 2, where the company is expected to shed more light on how it is doing financially.
Revenue divisions in each category
As per the RoC filings, more than 94% of Apple India’s revenue was generated from product sales, while over 5.4% came from maintenance and services. The company’s services business globally contributes around 30% to its sales which is yet to scale up in India.
What experts have to say
Founder of business intelligence firm, AltInfo, Mohit Yadav said: “Apple has demonstrated remarkable financial prudence, reflected in high percentage increases in both its top and bottom lines, suggesting limitless growth potential for the company,”

Research director at Counterpoint, Tarun Pathak noted that the increased demand for Apple products is expected to continue for the next few years. Pathak explained that as consumer financing becomes more easily available, the company is offering a premium upgrade to the market.
Pathak said: “Bulk of the sales are driven by iPhones in India, but in the next few years other revenue streams like other products and services will start to fire in a big way. The rise in profit last fiscal is due to a greater share of new generation devices as it is also reflected in the continued surge of iPhone’s average selling prices in India.”