Apple's sales in India, a key market, surge to record USD 8 billion: Bloomberg

tech.hindustantimes.com:

Apple Inc's annual sales in India hit a record of almost USD 8 billion in the recently concluded financial year 2023-24, reported Bloomberg, quoting a person familiar with the data.

India's revenue jumped about 33 per cent in the 12 months through March from USD 6 billion a year earlier, the Bloomberg report said.

The iPhone maker is going big in India, a key market with a large population, and is the fastest growing among major economies.

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Notably, Apple now assembles its newest varieties of iPhones here in India. The iPhone maker has two flagship stores in India--one in Delhi and one in Mumbai--launched in 2023.

Apple's pricey iPhones accounted for more than half of the sales, said the person, who asked not to be named as the information isn't public, Bloomberg reported.

In 2017, Apple started manufacturing iPhones in India. The Production Linked Incentive (PLI) scheme by the Central Government is also likely to have attracted several gadget makers, including Apple, to set up shop in the country.

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Apple's iPhone exports have reportedly surged from USD 6.27 billion in the fiscal year 2022-23 to USD 12.1 billion in 2023-24.

Faced with supply chain disruptions, particularly since the COVID pandemic hit in 2020 and the subsequent flare-up of geopolitical tensions that still continue, many leading global companies, in particular those that are in the manufacturing space, are diversifying their operations across regions. These visible trends of business diversification are basically to reduce risk and increase flexibility.

Apple is also targeting India as a way to diversify its manufacturing and revenue sources beyond China.

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