Apple reports fastest-ever growth in India; here’s what is fueling this record sales

Apple has created a new record in India. The iPhone maker’s revenue came close to the Rs 50,000-crore mark during the 2022-23 fiscal year. According to regulatory filings submitted to the Registrar of Companies (RoC), the Cupertino-based tech giant posted a revenue of Rs 49,321 crore as the company’s sales went up by 48%. Apple’s net profit also saw a significant increase of 76% as it reached Rs 2,229 crore.

Over the last five years, this has been the company’s fastest growth in net profit in India. Analysts claim that this growth is fuelled by an increase in sales of premium devices. These devices offer better profit margins. In the previous fiscal year, Apple also reduced the component costs of its products. Apple iPhone 15 series went on sale in India on September 22, the same time as in the US.