Apple India’s revenue crosses $4-bn mark, profit up 3% in FY22

APPLE

Apple India’s consolidated revenue touched an all-time high of $4.03 billion (Rs 33,381 crore) in the financial year 2022, up nearly 45 percent on the back of strong demand for its premium smartphones.

The company’s net profit rose 3 percent to $150 million (Rs 1,263 crore) for FY22, showed the company’s filings with the registrar.

While announcing the results, Apple’s chief financial officer Luca Maestri said that India set a new all-time revenue record in terms of iPhone sales during the quarter.

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Overall, including Apple India’s business, the firm’s fourth-quarter revenue of $90.1 billion was up 8 percent year-on-year, while the annual revenue of $394.3 billion was also up by the same percentage compared to the year before.

Apple’s iPhone business in particular saw net sales grow 10 percent y-o-y to $42.6 billion for the quarter that ended September 24, which marks the end of the company’s financial year.

Apple India’s total expenses were recorded at $3.84 billion (Rs 31,693 crore), up around 49 percent from the previous year’s $2.58 billion (Rs 21,297 crore), mainly on account of a rise in costs and employee benefit expenses.

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The firm’s employee benefit expenses, which include basic salary, pension, gratuity, and other employee-related expenses, came in at $0.19 billion (Rs 1,577.8 crore), up by 35 percent in FY22 against $0.14 billion (Rs 1,160 crore) recorded in FY21.

The company’s earnings before interest, taxes, depreciation and amortization in India were up by 2.8 percent on an annualized basis to $0.25 billion (Rs 2,042 crore), with a net profit margin of 3.78 percent for FY22.

Apple sold over 6 million iPhone units in India in 2021, more than double the 3 million shipped in 2020, due to aggressive growth of its offline presence and improved manufacturing capabilities in the nation, according to market research firm Counterpoint Research.

Last month, Apple announced that it has started manufacturing the iPhone 14 in India in a move that could provide a huge boost to the country’s ambitions to become a global manufacturing hub.

Apple is in fact currently among the leading players in the country’s premium smartphone market (above Rs 30,000) and remained the top-selling brand in the ultra-premium segment (above Rs 45,000), as per Counterpoint.

It currently has a 37 percent share in the premium smartphone market and a 3 percent share in the country’s overall smartphone market.