Enterprise sales key to stronger Apple India show

Apple India's overall revenue in FY24 could increase by 70%, powered by a strong double-digit growth in iPhone sales through 2023.

- Shouvik Das

However, costly iPhones and Macs, combined with weak enterprise partnerships crimping deals with firms for its laptops pose near-term risks to the US-based company that aims to produce a quarter of its iPhones in India by 2025.

Early on Friday, Apple announced its December quarter earnings. Overall revenue beat analyst estimates to reach $119.6 billion-a 2% year-onyear (YoY) growth, marking a seventh straight quarter of record revenues. Growth was led by a rise in sales of its iPhones, but Apple also said that revenue set a quarterly overall record-suggesting that sales of its Mac portfolio of laptops, too, have at least remained consistent.

Apple India's FY23 financial report filed with the registrar of companies (RoC) pegged its overall revenue at $5.9 billion.

Since then, its iPhone sales were estimated to have grown by over 50%. Given that Apple has reported consecutive quarterly revenue records for India through all of 2023, Apple's revenue in FY24 in India may rise by nearly 70% over the previous financial year.

To be sure, Apple is estimated to have ended 2023 on a record note in terms of its smartphone sales. On 30 January, Mint reported citing data from market researcher Counterpoint India that Apple saw its local revenue reach close to $10 billion in FY24, and also crossed the 10-million-units mark in terms of shipments. In smartphones, Apple held a 6.6% market share in India at the end of 2023.