Apple profit leaps 267% in India for fiscal 2020

Apple recorded revenue of Indian Rupee (INR) 13,756 Indian Rupee (Cr) in India in fiscal 2020, a 29% YoY jump from revenue of INR 10,674 Cr for fiscal 2019. Apple’s net profit for FY20 stood at INR 926.2 Cr in FY20 in India, a 267% growth from INR 262.27 Cr in the preceding fiscal year.

Customers in India can now shop Apple’s full range of products, and get expert advice and support from Apple Specialists.
Customers in India can now shop Apple’s full range of products, and get expert advice and support from Apple Specialists.

Harshit Rakheja for Inc42:

The growth in revenue is testimony to Apple’s continued bid to ramp up its presence in India, where a growing middle-income population consisting of 500 Mn smartphone users, is a market for some of the world’s leading internet tech companies.

In August last year, Apple had announced its plan of investing $13 Mn (INR 1000 Cr) in India to launch an online retail platform and open three-company owned stores in India. The upcoming Apple Stores will be launched in Mumbai, followed by Delhi.

MacDailyNews Take: Because the Indian government is working to incentivize smartphone production in India, new local manufacturing could help Apple reduce the price of iPhones in India by as much as 30% by eliminating import duties. This, along with the new online store and physical retail stores to come next year finally makes Apple’s future in India bright!

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

4 Comments

  1. That’s good to hear Apple is getting even a tiny piece of the action in India. I can only imagine what Android smartphone makers were collecting in profits considering Android OS has about 98% smartphone market share in India. Samsung and Xiaomi must have really been raking in those profits for a number of years.

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