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.
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.]