Apple India has achieved another milestone in FY24, reporting a 36% growth in operating revenue, reaching an impressive Rs 66,727 crore (approximately $8 billion). This continues its steady upward trajectory in both revenue and profit over the last six fiscal years.
The company’s profit after tax surged to Rs 2,746 crore ($330 million) during the fiscal year ending March 2024, as per financial statements filed with the Registrar of Companies (RoC). This growth reflects Apple’s increasing foothold in the Indian market.
Revenue Highlights
Apple India’s revenue from operations grew significantly from Rs 49,188 crore ($6 billion) in FY23 to Rs 66,727 crore in FY24. Product sales formed the bulk of this revenue, contributing 94.86% with Rs 63,297 crore ($7.6 billion), while service sales accounted for Rs 3,430 crore ($413 million), representing a 21.4% growth.
An IDC report revealed Apple achieved record-breaking quarterly shipments of 4 million units in India during Q3 2024, securing an 8.6% market share in the smartphone segment. The company also generated Rs 393 crore from non-operating income, pushing its total revenue to Rs 67,121 crore.
Cost and Profit Analysis
Material costs remained the largest expenditure, comprising 84.6% of the total, and rose by 34.87% to Rs 53,659 crore ($6.4 billion). Employee benefits also saw an 18.2% increase, reaching Rs 2,599 crore ($313 million).
Advertising expenses climbed sharply by 61.2% to Rs 729 crore ($87 million), while royalty payments to Apple Global doubled to Rs 4,490 crore ($540 million). Warranty claims stood at Rs 374 crore ($45 million). Overall, Apple India’s total expenses rose by 36.5% to Rs 63,397 crore ($7.6 billion).
Despite the increased expenses, Apple India achieved a 23% growth in profit after tax, amounting to Rs 2,746 crore ($330 million). The company’s ROCE and EBITDA margin stood at 71.96% and 6.43%, respectively.
Expansion and Strategic Moves
Apple continues to reinforce its commitment to India, recently establishing Apple Operations India, a wholly owned subsidiary, to support its growth. Meanwhile, Tata has emerged as a significant player in Apple’s supply chain by acquiring a majority stake in Pegatron’s iPhone manufacturing facility in Tamil Nadu, following its 100% acquisition of Wistron India last year.
With Rs 2,912 crore ($350 million) in cash reserves and Rs 13,551 crore ($1.6 billion) in current assets, Apple India is well-positioned to expand its presence further in one of its fastest-growing markets.