Apple India slips as iPhone sales slow

Apple India’s revenue and net profit fell for the first time in FY19 on the back of slowing iPhone sales last fiscal due to a weakening rupee warranting a price hike and higher import duties because of small local assembling operations here, analysts said.

The company’s revenue from operations fell 19% to Rs 10,538.3 crore while profit plunged more than 70% to Rs 262.3 crore, latest regulatory filings made to the Registrar of Companies (RoC) showed.

“Following the global trend, Apple India’s revenue has declined by 19% last fiscal in contrast to its gain of 19% in FY18,” said Mohit Yadav, founder of business intelligence platform Veratech Intelligence. “Understandably, the company is taking a conservative approach. The same has had an impact on employee benefits expense, too, which increased by 48% in FY19 as contrast to 66% in FY18.”