In the financial year FY23, technology company Apple saw a 48 percent in sales. This came close to touching the Rs 50,000 mark where the revenue stood at Rs 49, 321 crore. The net profit witnessed an increase of 76 percent to arrive at Rs 2,229 crores.
As per documents filed by the Registrar of Companies (RoC) by the tech company, it was highlighted that a larger chunk of Apple India’s revenue, 94.6 percent came from selling their products. The remaining 5.4 percent came from maintenance and services.
Apple, which hasn’t expanded its services businesses in India, makes 30 percent of its global sales from the market.
This information comes out a time when the Tata Group announced that it will commence making iPhones in India as Wistron Corporation (a Taiwanese electronics company) agreed to sell one of its South based plants to the multinational conglomerate company.
This year, the company shipped six million smartphones to the country where the market share stood at 5.5 percent as opposed to 4.4 percent in 2022.
In April, chief executive officer of Apple, Tim Cook opened two new retail stores in Mumbai and Delhi. By 2027, which is in a span of four years, Cook aims to open three more stores in the country.