Apple India’s revenue booms; nears Rs 50,000 crore milestone with record growth

Apple’s India business almost touched a record milestone of Rs 50,000-crore revenue, with sales growing by 48% to Rs 49,321 crore in the fiscal year 2022-23, according to regulatory filings with the Registrar of Companies (RoC). The company also recorded a significant increase in net profit, which surged by 76% to Rs 2,229 crore. This marks the fastest growth in net profit for Apple in India over the past five years, according to an ET report.

Analysts attribute this growth to a higher share of sales of new generation devices, which offer higher profit margins.