Apple’s India crop gets a boost in 2023, produces Rs 1 lakh crore iPhones

Apple produced iPhones worth over Rs 1 lakh crore in India last year, having ramped up output sharply from the year before. Of this, made-in-India iPhones worth Rs 65,000 crore were exported in the January-December period, as per data available with ET.

“To be sure, Rs 1 lakh crore is the freight on board (FOB) value at which the devices leave a factory,” said an official aware of the matter. “The market value of the production could be anywhere between Rs 1.5 lakh crore and Rs 1.7 lakh crore, depending on taxes and dealer margins of various countries.”

FOB is the price of a product at the factory gate, after which taxes and other various charges get added on.