Apple India's Profit Soars To Rs 2,745 Crore In FY24

Apple India's revenue and profit have soared in the financial year ending March 2024, pointing to the country's growing importance in the larger scheme of business for the iPhone maker.

The India entity, which handles sales in the country for the American giant, posted a revenue from operations of Rs 66,727.7 crore, up 35% year-on-year from Rs 49,188.2 crore. The company's profit after tax also spiked 23% to Rs 2,745.7 crore for the previous financial year, from Rs 2,229.6 crore in the previous year, according to filings sourced from Tofler.

Interestingly, Apple India also transferred Rs 3,302 crore in dividends to Apple Operations International, its Ireland-based holding company, which is more than double compared with the year before.

Last month, Apple also announced its plans to launch four more stores in India, located in Pune, Bengaluru, Delhi-NCR, and Mumbai, taking the total to six.

It has also doubled down on India as a manufacturing base. It also started to roll out its first-ever 'Made in India' iPhone 16 Pro and iPhone 16 Pro Max series devices.

Apple is now manufacturing the entire iPhone 16 lineup, including the iPhone 16 Pro and iPhone 16 Pro Max, in India, an Apple spokesperson said.

Apple’s first two stores in India—in Delhi and Mumbai—opened in April 2023, and the company began manufacturing iPhones in India in 2017.