Tech giant Apple clocked about 29 per cent jump in its revenues in India at Rs 13,755.8 crore in FY2020, while its net profit witnessed manifold growth, documents sourced by business intelligence platform Tofler said. Apple India's revenue stood at Rs 10,673.7 crore for the fiscal ended March 31, 2019.
The iPhone maker recorded a net profit of Rs 926.2 crore in FY20 in India, as against Rs 262.27 crore in the preceding fiscal, the documents showed. Apple did not respond to an emailed query. The company, which competes with players like Samsung and OnePlus in the premium smartphone segment, has been aggressively ramping up its presence in the Indian market.
Apple CEO Tim Cook had recently said the company had "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". In September, Apple launched its first online store in India -- a market that is dominated by Android smartphones.
Apple, which works in collaboration with partners like Wistron and Foxconn, had recently started assembling iPhone 11 in India. According to research firm Canalys, the tech giant's renewed focus on India paid off with a double-digit growth to nearly 8,00,000 units in the region during the July-September 2020 quarter.
Prabhu Ram, Head (Industry Intelligence Group) at CMR said with a mix of increased local assembly and prudent pricing strategy, Apple has been able to ramp up its India story and attract more buyers.
"Apple was always an aspirational brand of choice for India, and with the new India strategies in place, Apple is now positioned for stronger growth in India. The new iPhone SE 2020 and the iPhone 11 together have continued to perform exceptionally well, contributing to as much as 70 per cent of Apple's shipments through Q3 2020," he added.
In addition, the strong pre-orders for iPhone 12 also bode well for Apple, he said. "Beyond smartphones, Apple's strong work-from-home and learn-from-home portfolio, including the Macs and the iPads, have continued to receive a strong and positive market reception through the year. With the new online store now operational, Apple will continue to see a robust growth in the upcoming quarters," Ram added.
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