Apple India's Net Profit Rises 76% in FY23 By CIOTechOutlook Team

Apple India's Net Profit Rises 76% in FY23

CIOTechOutlook Team | Monday, 30 October 2023, 03:35 IST

In the fiscal year 2022-23, Apple's business in India came close to hitting Rs 50,000 crore, with sales jumping 48 percent to Rs 49,321 crore and net profit increasing 76 percent to Rs 2,229 crore. On October 29 that this is Apple's highest gain in net profit in India in the previous five years, citing figures submitted by the tech giant to the Registrar of Companies (RoC).

Tata becomes the first Indian company to manufacture iPhones within the country as Wistron Corporation agreed to sell one of its plants in the southern part of India to the Mumbai-based salt-to-software conglomerate. At the start of 2023, Union Minister Piyush Goyal said Apple Inc was aiming for India to contribute around 25 percent of its total production, a significant increase from the present 5-7 percent, as per moneycontrol.

The increase may be ascribed to a larger percentage of sales from new-generation devices, which have higher profit margins, as well as component cost reductions over the previous fiscal year.

Apple reported record sales of over $6 billion in India for the fiscal year ended March 31, underlining the rising importance of the Indian market for the US-based tech juggernaut. According to Mohit Yadav, the founder of AltInfo, a business intelligence organization, Apple has demonstrated outstanding financial restraint, with significant gains in both sales and earnings, showing that the company has the potential for endless expansion.