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Apple India revenue hits Rs 50,000 crore, net profit surges 76%
The Business Guardian
|October 30, 2023
Apple’s business in India has seen significant growth, coming close to reaching a revenue of Rs 50,000 crore during the financial year 2022-23
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According to information provided by Apple to the Registrar of Companies (RoC), sales in India increased by an impressive 48 percent, reaching Rs 49,321 crore, while the net profit surged by 76 percent to Rs 2,229 crore.
This remarkable increase in net profit is the fastest growth Apple has experienced in India over the last five years, as reported by the Economic Times. Analysts attribute this growth to a higher share of sales from new-generation devices, which offer better profit margins, and cost reductions in components during the previous fiscal year.
This story is from the October 30, 2023 edition of The Business Guardian.
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