SUMMARY
- Apple India saw a 36% jump in its operating revenue reaching Rs 66,727 crore in FY24.
- The company’s total expenses rose by 36.5%, hitting Rs 63,397 crore in FY24.
- Apple India’s profit grew by 23% to Rs 2,745.7 crore ($330 million) in FY24.
Apple India kept up with its consistent growth and profitability in FY24 and saw a 36% jump in its operating revenue reaching Rs 66,727 crore ($8 billion) from Rs 49,188 crore ($6 billion) in FY23, as per its financial statements from the Registrar of Companies (RoC).
The laptop, smartphone, and watch manufacturer also posted a profit of Rs 2,746 crore ($330 million) in the year under review.
According to a report from IDC, Apple achieved its highest quarterly sales in India during the third quarter of 2024, with 4 million units sold. By the third quarter, the company secured an 8.6% market share in the smartphone segment of India.
The revenue from product sales saw a 36.53% rise to Rs 63,297.25 crore ($7.6 billion), making up 94.86% of the total operating revenue. Service sales saw a 21.41% increase to Rs 3,430.45 crore ($413 million), making up the remaining 5.14%. Additionally, the company earned Rs 393 crore from non-operating sources, taking its total revenue to Rs 67,121 crore.
In terms of expenses, material costs remained the largest category, accounting for 84.6% of the total expenses, which saw a 34.87% surge to Rs 53,658.6 crore ($6.4 billion) in FY24. Employee benefit costs rose by 18.22% to Rs 2,599.6 crore ($313 million) over the same period.
Advertising costs spiked by 61.22% to Rs 728.7 crore ($87 million), while license fees (royalty paid to Apple Global by Apple India) doubled to Rs 4,490 crore ($540 million). Warranty claims stood at Rs 374.2 crore ($45 million) in FY24. The company’s total expenses rose by 36.5%, hitting Rs 63,397 crore ($7.6 billion) in FY24.
Apple India’s profit grew by 23% to Rs 2,745.7 crore ($330 million) in FY24 from Rs 2,229.6 crore ($268 million) in FY23. Its ROCE and EBITDA margin stood at 71.96% and 6.43%, respectively.
On a per-unit basis, Apple India spent Rs 0.95 to generate a rupee of operating revenue in FY24. The company had Rs 2,912 crore ($350 million) in cash and bank balances and Rs 13,551 crore ($1.6 billion) in current assets by the close of FY24.
Apple has recently set up a wholly owned subsidiary in India named Apple Operations India as it aims to expand its footprint and operations in the country.
Notably, Tata has made a deal to acquire a 60% controlling stake in Pegatron’s facility for making iPhones in Tamil Nadu. In 2023, Tata fully acquired Wistron India, establishing itself as one of Apple’s biggest contract suppliers, in addition to Taiwan’s Foxconn.
