Apple's business is growing very fast in India. The company has generated total revenue of ₹49,321 crore in financial 2022-23. This increase in revenue is due to 48% increase in the company's product sales. Whereas during this period the net profit has increased by 76% to ₹ 2,229 crore.
Economic Times has given this information quoting the company's Registrar of Companies (RoC) filing. It has been said in the report that the company gets better profit margins on these devices. Apart from this, there has also been an increase due to cost reduction.
This has been the fastest growth of Apple in India in the last 5 years. According to the RoC filing, product sales account for 94.6% of Apple India's revenue, while maintenance and services contribute 5.4%. Apple has not yet expanded its service business in India.
Foreign exchange outflow increased by 2% to ₹18,140
The company's foreign exchange outflow has increased by 2% to ₹ 18,140 crore in 2023 compared to FY 2022. This figure shows that even though Apple is increasing local assembling of its products in India, a large part of the parts of its products are still being imported from outside.
Tata Group will make iPhone in India. The deal to acquire the factory of Apple supplier Wistron was finalized on Friday. The board of directors of Wistron Corp approved this. After this approval, Minister of State for Information and Technology Rajiv Chandrashekhar said that manufacturing of iPhone will start within two and a half years.