Apple India’s profit rises up to 3% and revenue crosses $4 billion mark in FY22

Apple India’s profit rises up to 3%

On the strength of robust demand for its premium devices, Apple India’s consolidated revenue reached an all-time high of $4.03 billion (Rs 33,381 crore) in the financial year 2022, up roughly 45 percent.

Details about Apple India’s profit rises up to 3% and revenue crosses $4 billion mark in FY22:

According to the company’s filings with the registrar, net profit for FY22 increased 3% to $150 million (Rs 1,263 crore).

India achieved a new all-time revenue record for iPhone sales during the quarter, according to Apple’s chief financial officer, Luca Maestri, who made the announcement along with the company’s financial results.

Overall, including Apple India’s operations, the company’s fourth-quarter revenue of $90.1 billion increased 8% over the prior year, and its yearly revenue of $394.3 billion did the same.

For an example, Apple’s iPhone division saw net sales increase 10% year over year to $42.6 billion during the quarter that ended September 24, the company’s fiscal year’s end.

Apple India’s overall expenses were $3.84 billion (Rs 31,693 crore), up roughly 49% from $2.58 billion (Rs 21,297 crore) the previous year, mostly due to an increase in costs and employee benefit spending.

Employee benefit costs for the company, which include basic pay, pensions, gratuities, and other costs related to employees, totaled $0.19 billion (Rs 1,577.8 crore) in FY22, a 35% increase from $0.14 billion (Rs 1,160 crore) in FY21.

With a net profit margin of 3.78 percent for FY22, the company’s earnings before interest, taxes, depreciation, and amortization in India increased by 2.8 percent on an annualized basis to $0.25 billion (Rs 2,042 crore).

According to market research firm Counterpoint Research, Apple sold over 6 million iPhone units in India in 2021, more than doubling the 3 million shipped in 2020. This increase can be attributed to the company’s aggressive offline presence expansion and the country’s improved manufacturing capabilities.

Apple said that it has begun producing the iPhone 14 in India, a move that could significantly advance that nation’s plans to establish itself as a major center of production.

According to Counterpoint, Apple continues to be the best-selling brand in the ultra-premium segment (above Rs 45,000) in the country’s premium smartphone market (above Rs 30,000).

At the moment, it holds a 3 percent share of the nation’s overall smartphone market and a 3 percent portion of the premium smartphone market.

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