Apple India Posts 23% Profit Growth In FY24

New Delhi: Buoyed by rising demand for its iPhones among aspirational youth and surge in exports, Apple clocked a 36 per cent increase in its operating revenue in India, surpassing Rs 66,700 crore (about $8 billion) in FY24. The tech giant also posted Rs 2,746 crore ($330 million) in profit last fiscal.

Apple India’s profit increased by 23 per cent in FY24 against Rs 2,229.6 crore ($268 million) in FY23.

Apple India’s revenue from operations grew to Rs 66,727 crore in FY24 from Rs 49,188 crore ($6 billion) in FY23, according to its financial statements.

Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24).

Revenue from product sales increased by 36.53 per cent to Rs 63,297.25 crore ($7.6 billion) and service sales jumped by 21.41 per cent to Rs 3,430.45 crore.

On the expense side, material costs remained the largest expense category, accounting for 84.6 per cent of the total expenses.