Apple India Achieves 23% Increase in Net Profit to Rs 2,746 Crore for FY24

Apple India recorded a 23% rise in net profit, reaching Rs 2,745.7 crore for the financial year 2023-24, as per a regulatory filing shared by Tofler. This marks an increase from the Rs 2,229.6 crore net profit reported in FY23. The company also saw a significant 36% growth in total income, which rose to Rs 67,121.6 crore from Rs 49,321.8 crore in the previous fiscal year.

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Apple India Private Limited, responsible for marketing Apple products and software such as mobile devices and laptops, reported revenues of Rs 67,122 crore for FY24. This represents a 36% increase compared to the prior year, according to Tofler. The company's net profit for the same period was Rs 2,746 crore, reflecting a 23% growth from the previous fiscal year.

Financial Performance and Market Position

The total expenses for Apple India during FY24 were reported at Rs 63,397 crore. Despite the increase in profits and revenue, Apple's net profit margin decreased to 4.09% in FY24 from 4.52% in FY23. Counterpoint Research ranked Apple second after Samsung with a value market share of 21.6% in the September 2024 quarter.

Apple India declared an interim dividend of Rs 9.43 lakh per share on its fully paid-up equity shares, totalling Rs 3,302 crore. However, the company's net worth in India declined by approximately 15%, dropping to Rs 3,083.45 crore from Rs 3,643.62 crore in FY23.

Operational Costs and CSR Contributions

The employee expenses for Apple India increased by about 18%, reaching Rs 2,599.7 crore compared to Rs 2,198.91 crore on a year-on-year basis. As part of its corporate social responsibility (CSR) initiatives during the reviewed year, Apple contributed Rs 42.23 crore.

These financial results highlight Apple's strong performance in India despite some challenges like reduced profit margins and net worth decline. The company's strategic initiatives and market presence continue to play a crucial role in its growth trajectory within the Indian market.