Business booms for Apple in India as it recorded highest ever revenues in the country in the last quarter. According to Apple CEO Tim Cook, Apple achieved strong double-digit growth in India, recording an all-time revenue record,” or iPhone sales.
According to business intelligence platform Tofler, the company reported an annual revenue of ₹33,381 crore for FY22, a 45 per cent jump from last year’s revenue of ₹22,963 crore. The company reported a net profit of ₹1,263 crore during the same fiscal. This is a 3 per cent increase from the last financial year.
Apple’s latest financial results come at a time when stocks of major tech companies are plummeting as they report losses battling inflation. Apple is one of the few tech companies to report a rise in earnings as economic gloom hits the tech sector for this quarter. Maestri explained how strong earnings and engagement in emerging markets such as India give them a positive outlook for the future despite global inflation pressures.
Positive comment
Luca Maestri, Senior Vice President and Chief Financial Officer, said, “One of the things that we have appreciated the most during the quarter was the fact that, in spite of the strong dollar and the difficult FX environment, we have seen strong performance in many international markets, particularly some large emerging markets, where even in reported currency (USD), we are seeing strong double digit growth in places like India, Indonesia, Mexico, Vietnam, and many other places where we have done incredibly well. And obviously in local currency, those growth rates are even higher.”
“It is important for us to look at how these markets perform in local currency because it really gives us a good sense of customer response for our products, the engagement with our ecosystem and in general the strength of the brand. And I have to say in that respect, we feel very very good about the progress we are making in a lot of markets around the world,” Maestri concluded.
Apple’s positive commentary on India comes at a time when Apple has also commenced shifting its supply chain to India. Last month, Apple announced that it is all set to commence manufacturing iPhone 14 in India, just days after its unveiling. Apple’s latest iPhone 14 is currently out of stock in India, at the back of strong demand for the product.
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Published on October 28, 2022
