“Apple grew its India net profit for the year ended March 2017 by 44% at Rs 373.4 crore [US$56.15 million], according to the Cupertino-based iPhone maker’s latest regulatory filings made to the Registrar of Companies (RoC),” Writankar Mukherjee reports for The Economic Times. “Apple India’s total income (including other income) grew by 17% to touch Rs 11,704.5 crore in FY17, up from Rs 9,997.6 crore in the previous fiscal.”
“Apple India has ploughed back its FY17 profit into the operations, which had aggregate surplus of Rs 1,556.5 crore as of March 2017,” Mukherjee reports. “A senior industry executive said this will be used for further expansion of local operations.”
“Counterpoint has analyzed that Apple’s iPhone X model nabbed 35% of the global smartphone market’s profit during the October-December quarter, making it the most profitable smartphone followed by iPhone 8, with 19% of the industry’s profit, and iPhone 8 Plus with 15% profit share,” Mukherjee reports. “In fact, Apple had earned 90% of the global industry’s profits during the quarter with its entire portfolio, as per the researcher.”
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MacDailyNews Take: The headroom for growth in India is virtually limitless. If Apple can move iPhone into lower price points while maintaining profitability and quality, their India operations will benefit especially.