Apple India Achieves ₹67,122 Crore Revenue in FY24 Recording 36% Growth Driven by iPhone Sales

Highlights

• Apple India reported a revenue of ₹67,121.6 crore in FY24 marking a 36% growth.
• Record 4 million iPhone shipments in the July-September quarter leads to a 58.5% year-on-year growth and an 8.6% market share.
• iPhone sales in India are projected to generate nearly $11 billion in FY25.
• Other products are expected to contribute an additional $4-6 billion.

Apple India has reported an outstanding performance for FY24 with revenue reaching ₹67,121.6 crore marking a 36% growth compared to the previous year.

According to regulatory filings as reviewed by Tofler, this surge in revenue was mainly because of the strong iPhone sales.

Meanwhile, profits also rose to ₹2,745 crore up from ₹2,229 crore in FY23.

As per reports, Apple India has been setting record-breaking quarterly sales since 2023. The July-September 2024 quarter marked the 10th consecutive three-month period where the company posted year-on-year revenue growth.

In FY23, its revenue increased by a massive 47.8% to ₹49,321 crore. The momentum is expected to continue, with projections indicating that iPhone sales alone could generate nearly $11 billion in FY25.

Meanwhile, its other products including Mac, iPad, wearables and services are anticipated to contribute an additional $4-6 billion.

However, even after reporting outstanding numbers, Apple’s revenue in India still trails that of Samsung Electronics, which recorded ₹1.03 trillion in sales for FY24 up from ₹98,924 crore the previous year.

Samsung’s profit for FY24 more than doubled to ₹8,188 crore compared to ₹3,452 crore in FY23.

Highlighting Apple’s achievements, Associate Vice-President at IDC India Navkendar Singh said, “iPhone shipments have seen healthy growth for the past few years, reaching 9.7 million in 2023, and expected to clock more than 12 million in 2024. All this coming at almost three times the average selling price of the overall market is a huge achievement for Apple in India.”

The average selling price of iPhones in India exceeds $950 with most sales coming from models priced above $700.

Moreover, Apple shipped 9 million iPhones between January and September 2024, which marks a 35% increase compared to the same period last year. The company achieved record shipments of 4 million units in the July-September quarter alone registering a 58.5% year-on-year growth.

This performance gave Apple an 8.6% market share, ranking it sixth in the overall smartphone market, according to IDC.

Apple’s estimated revenue for the July-September period stood at $3.75-4 billion driven by strong demand for iPhones, iPads and Mac devices.

Expressed his excitement, Apple CEO Tim Cook said, “We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. We also opened two new stores during the quarter, and we can’t wait to bring four new stores to customers in India.”

Apple’s performance in India has been mainly accelerated by aspirational buyers upgrading to newer iPhones.

Moreover, the average cost of owning an iPhone has also lowered due to discounts on key models, exchange offers, pre-owned devices and financing schemes.

FAQs

Q1. What was Apple India’s revenue for FY24?

Answer. Apple India reported a revenue of ₹67,121.6 crore in FY24 marking a 36% growth compared to the previous year.

Q2. What primarily drove Apple India’s revenue growth in FY24?

Answer. As per industry reports, the revenue surge was largely driven by strong iPhone sales.

Q3. How many iPhones did Apple ship between January and September 2024?

Answer. Apple shipped 9 million iPhones between January and September 2024, marking a 35% increase compared to the same period last year.

Q4. What is the expected revenue generation from iPhone sales in FY25?

Answer. iPhone sales alone could generate nearly $11 billion in FY25.

Q5. What is Apple India’s market share as of the July-September quarter of 2024?

Answer. Apple achieved an 8.6% market share, ranking it sixth in the overall smartphone market according to IDC.

Also Read: Apple Nearly Matches Samsung in Q3 2024 Global Smartphone Sales, Global Market Grew 5%

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