Apple’s India business grows 48% year-over-year as of fiscal year 2023

Apple's contract manufacturers and suppliers in India —  including Foxconn, Tata, and Salcomp — are spearheading initiatives to provide housing for their employees.

Apple’s India business has recorded a revenue of INR 49.3K Cr (about US$6 billion) in fiscal year 2023 (FY23), marking an increase of 48% from INR 33.3K Cr ($4.03 billion) in FY22.

An Inc. report says that, according to Register of Company (RoC) filings, Apple India generates 94.6% of its revenue from sales of products and 5.4% from maintenance and services. The net profit surged 76% to INR 2,229 Cr in FY23 from INR 1,263 Cr in FY22, as per the filings.

For example, of Indian consumers planning to purchase a smartphone this festive season (through November 12), 31% mention upgrading to the latest technology as the key reason for the purchase according to an October survey conducted by Counterpoint Research. Samsung, Apple, Xiaomi, and OnePlus are the most preferred brands this festive season. They tallied, respectively, 33%, 18%, 11%, and10% as the most preferred brand in the survey.

What’s more, Apple has plans to scale up iPhone production in India by over five-fold to around $40 billion, or about Rs 3.32 lakh crore, in the next four to five years, according to BQPrime, quoting an unnamed government official. The tech giant has supposedly crossed the US$7 billion production mark in the last financial year in India.

Dennis Sellers
the authorDennis Sellers
Dennis Sellers is the editor/publisher of Apple World Today. He’s been an “Apple journalist” since 1995 (starting with the first big Apple news site, MacCentral). He loves to read, run, play sports, and watch movies.