Apple Wants To Match Samsung's Milestone with ₹70,000 Cr Revenue Target

Apple India is on track to surpass a significant milestone, eyeing over ₹70,000 crore in revenue by the end of this fiscal year in March. This achievement will place it alongside Samsung, marking it as the second electronics giant to reach this feat in India.

What Happened: Industry insiders tell those over at the Economic Times that Apple hit the $8 billion (about ₹66,000 crore) sales mark as early as February, showcasing a robust growth of over 40% for the second year in a row. However, experts suggest that while growth may taper, it will likely stay impressively high.

The bulk of Apple’s sales in India comes from its iPhones, making up 90-92% of its total sales figures. It’s important to note that these numbers do not include iPhone exports because Apple India primarily operates as a sales entity.

Last fiscal year, Apple India’s sales jumped 48% to ₹49,321 crore, with net profits soaring 76% to ₹2,229 crore. In comparison, Samsung India reported ₹98,924 crore in sales, with its mobile business contributing significantly to this number.

See also: C-DoT And Qualcomm Forge Partnership To Propel India’s Telecom Self-Reliance

Why it matters: Apple plans to manufacture its upcoming iPhone models in India simultaneously with its global launches, a first for the company. It’s working on getting its India facilities ready for trial runs. Despite this expansion, the more expensive Pro models won’t be produced in India yet, attributed to lesser demand and a gradual enhancement of manufacturing capabilities.

Sales of iPhones in India have notably outperformed, with over 60% growth, overshadowing other product categories. Counterpoint Research anticipates broad-based growth across all Apple products in the coming years, with expected growth rates of 20-30%. For the first time, iPhone shipments in India crossed the 10 million mark in 2023, leading Apple to dominate the smartphone revenue chart in the country.

Read next: Netflix To Swing For The Fences In India With Cricket-Centric Content Slate

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