Apple”s revenue in India reached nearly Rs. 50,000 crore in FY23, with sales jumping 48% to Rs. 49,321 crore and net profit rising 76% to Rs. 2,229 crore. This is the fastest net profit rise in the last five years, according to the Economic Times, quoting information from Apple”s Registrar of Companies (RoC).

As per RoC filings, Apple India generates 94.6% of its revenue from sales of products and 5.4% from maintenance and services.

Apple”s India operations currently contribute 30% of its global sales. Despite this, the company has not yet devised a plan to scale up its India operations. According to government and industry data, India”s mobile phone exports reached $5.5 billion (over Rs. 45,000 crore) in the April-August period of the current fiscal year (FY24).

This was up from just $3 billion (about Rs. 25,000 crore) in the same period in FY22-23. The rise in exports has been attributed to Apple”s contributions, which for the first time overtook 50% of the total estimated figure.

Samsung is the second most significant exporter. In the June quarter, Apple exported 12 million smartphone shipments from India, which is nearly 50% of the country”s total exports. In the same period, Samsung”s exports contributed 45% of total exports, according to IANS.