Apple's CEO, Tim Cook, expressed his enthusiasm for India, describing it as an incredibly exciting market for the company. During the June-September quarter, Apple achieved an all-time revenue record in India, with strong double-digit growth. India has now become a significant focus for Apple, as Cook stated, "We had an all-time revenue record in India, we grew very strong double digits. It’s an incredibly exciting market for us and a major focus of ours. We have low share in a large market and so it would seem that there’s a lot of headroom there... We see an extraordinary market—a lot of people moving into the middle class."
Apple's efforts in India have included opening its first Apple Retail Store in Mumbai in April and another in Delhi. These stores have performed well and exceeded expectations, marking a positive step in Apple's engagement with the Indian market.
A recent report from Counterpoint revealed that Apple achieved its highest-ever smartphone shipments in India during the June-September quarter of 2023, recording a 34% year-on-year growth. The report also highlighted the growing trend of ultra-premium smartphones in India, with a 44% year-on-year growth in the segment. The demand for Apple's iPhone 15 Pro Max, which was launched in September, has been particularly strong in the country.
While Apple hasn't provided specific figures for India in this quarter, regulatory filings indicate the company's robust performance in the Indian market. Apple's India business reached a record revenue of Rs 50,000 crore for the year 2022-23, with a 48% growth in sales and a 76% surge in net profit. Apple's success in India isn't limited to iPhones; revenue from other products and services is also steadily increasing.
