The company has beaten the overall revenue of the top ones including Hindustan Unilever, Mahindra and Petronet LNG.

The tech giant Apple‘s sales in India have soared 33 per cent to a record of over $8 billion in the year 2024 surmounting the revenue of 90 per cent of BSE500 companies. The company has beaten the overall revenue of the top ones including Hindustan Unilever, Mahindra and Petronet LNG.

According to a Bloomberg report, the iPhone garnered more than half of the $8 billion total sales revenue. Earlier it was reported that the company has tacked together iPhones worth $14 billion marking a significant upturn as a leading device in the Indian market. The iPhones distributed in India are mostly made at the Sriperumbudur plant near Chennai.

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On the contrary, Tata Power and Hindustan Unilever (HUL) pulled together a revenue of $7.4 billion for the fiscal year, while Petronet LNG reported a revenue of $6.4 billion in the financial year. Apple’s sales jump will witness an expansion strategy in one of the world’s largest markets. However, despite the surge, India represents only about 2% of the global sales in the company’s overall revenue.

As per Counterpoint Research, The Indian smartphone market is ruled by affordable  Chinese devices with Android system. The Apple company merely contributes 3.5% of the approximately 690 million smartphones that are used across the country. But the iPhone’s relatively small market yet the increase in sales due to global trends and security concerns, the revenue has surged constituting growing potential for the upcoming years.

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The increase to almost $8 billion in revenue reflects Apple’s success in grabbing the eyes of Indian customers contributing more to the economic growth and showing a strong demand for high-end products in the market. On the other hand, Apple’s sales in China have dwindled and declined to $72.6 billion in the last fiscal year. Apple’s CEO Tim Cook said that the company foresee India as a major focus to contribute more to the ‘Incredibly Exciting Market’ in the coming years.