BENGALURU: Apple India’s net profit for FY23 jumped by 76.5% to Rs 2,230 crore compared to `1,263 crore in the previous fiscal. According to data provided by business intelligence firm Tofler, the iPhone maker’s India revenue increased by 48% to Rs 49,322 crore in FY23. Total expenses stood at Rs 46,444 crore and employee benefit expenses stood at Rs 2,199 crore compared to Rs 1,578 crore in the previous fiscal.
The report comes at a time when it was announced that Tata Group will start assembling Apple iPhones in India after Wistron approved the sale of its manufacturing unit in India to the salt-to-software conglomerate. In April this year, Apple opened its first physical stores in India. Its CEO Tim Cook had said that they are excited to build its long-standing history — supporting customers, investing in local communities, and working together to build a better future.
India will become a significant driver of iPhone maker’s revenue and according to analysts, the country could account for 15% of Apple’s revenue growth in the next five years.