Amidst increasing concerns of global economic slowdown and high inflation, the consolidated revenue of Apple India touched an all-time high of 4.03 billion dollars in the current financial year as demand for premium smartphones is showing an uptrend in the Indian smartphone market.
The latest consolidated revenue posted by Apple India is signaling a huge jump in its revenue when compared to previous financial years.
According to the filings made by the company with the registrar, the net profit of Apple India stood at 150 million dollars for the financial year 2022. This is a 3 percent increase in net profit when compared to the financial year 2021. The company earned nearly 0.25 billion dollars in India before deducting interest, taxes, depreciation, and amortization. When compared to the previous financial year, it was a 2.8 percent jump in the earnings before interest, taxes, depreciation, and amortization.
According to various tech research firms, Apple India sold over 6 million iPhone units in the country in 2021. The 2021 sales figure was twice what was sold in 2020 were Apple sold nearly 3 million iPhone units.
The decision of the smartphone manufacturer to increase its offline presence in various parts of India and the sudden increase in manufacturing capabilities of the company are said to be major factors behind the huge growth in sales and revenue. A few weeks ago, Apple India announced that it would manufacture iPhone 14 in the country. The manufacturing of the new iPhone series smartphones will help India grow as a major manufacturer of Apple Devices which could then be exported to other parts of the world.
Indian smartphone market which is dominated by companies such as Xiaomi, Samsung, Vivo, and Oppo gives special attention to Apple India as it caters to the need for premium smartphones in the Indian markets. Even though Apple India only has a 3 percent market share in the Indian smartphone market, 37 percent of premium smartphones sold in India are manufactured by Apple which makes it one of the most successful premium smartphone manufacturers in the country.
Apple continues to be the biggest premium smartphone manufacturer and seller in the country. Increasing urban middle-class families and relative increase in the income of individuals are believed to be major reasons for increasing demand for premium smartphones such as iPhones.