Apple is quickly gaining ground in India, driven by the demand for affordable iPhones including the iPhone SE (2020) and iPhone 11. The Cupertino giant is chasing popular premium phone makers, Samsung and OnePlus, in the country. Now, according to the documents sourced by business intelligence platform Tofler, Apple India’s financials have greatly improved this year.
The report (via Business Insider) reveals that Apple clocked a 29% year-on-year (YoY) increase in revenue, which now sits at Rs. 13,755.8 crore (~$1.85 billion) in FY2020. The revenue figure stood at Rs. 10,673 crore (~$1.44 billion) last year. If you think this is impressive, wait until you see the profit figure for FY20.
Apple witnessed a multifold increase in profits, raking in Rs. 926.2 crore (~$124.8 million) in this fiscal year. This is a 267% increase compared to Rs. 262.27 crore profit earned by the company in the previous fiscal. What is the reason for such impressive numbers?
The Cupertino giant very well knows that India is an important market for them. It is the reason for Apple launching its online store to give you more customization options and add-on benefits. The company has also recently started manufacturing iPhone 11 in the country, which recently saw massive discounts and festive offers being slapped onto it to attract new users. Also, the entry of the more affordable iPhone SE (2020) brought many to Apple’s closed garden.
In its recent quarterly earnings call, Apple CEO Tim Cook revealed that the company ‘set a September quarter record in India, thanks in part to a very strong reception to this quarter’s launch of our online store in the country.’ The iPhone 11 and SE (2020) alone are said to account for close to 70% of the company’s shipments in India, as per the report.
Though Apple’s growth was largely been fueled by iPhones, the COVID-19 work-from-home conditions also saw people turn to its iPads and MacBooks. With the iPhone 12 series, which is already on sale, and Apple silicon Macs launching today, we expect the company to continue on this growth trajectory in the coming months.