By NEW DELHI: Apple India reported a 23% growth in net profit, reaching ₹2,745.7 crore in the financial year 2023-24, as per a regulatory filing accessed via Tofler. The iPhone manufacturer had recorded a net profit of ₹2,229.6 crore in FY23.
Furthermore, the company’s total income witnessed a 36% surge, climbing to ₹67,121.6 crore in FY24 compared to ₹49,321.8 crore in the previous financial year.
Apple India Private Limited, responsible for offering and promoting Apple-branded products and software such as mobile devices and laptops, reported revenues of ₹67,122 crore for the financial year 2023-24, reflecting a 36% increase compared to the previous year, according to Tofler.
The company also announced a net profit of ₹2,746 crore for the same fiscal period.
Key Highlights from Apple India’s FY24 Financial Report
- Profit and Expenses: Apple India posted a 23% rise in net profit, with earnings of ₹2,746 crore. Total expenses for the fiscal stood at ₹63,397 crore.
- Market Position: According to Counterpoint Research, Apple ranked second in the value market share, with 21.6% in the September 2024 quarter, trailing only Samsung.
- Dividends: The company declared and disbursed an interim dividend of ₹9.43 lakh per share on 35,002 fully paid-up equity shares, amounting to ₹3,302 crore.
- Net Profit Margin: The net profit margin dropped to 4.09% in FY24, compared to 4.52% in FY23.
- Net Worth: Apple’s net worth in India declined by approximately 15%, reaching ₹3,083.45 crore in FY24 from ₹3,643.62 crore in FY23.
- Employee Expenses: Staff costs increased by 18%, rising to ₹2,599.7 crore from ₹2,198.91 crore year-on-year.
- CSR Contributions: The company allocated ₹42.23 crore to its Corporate Social Responsibility (CSR) initiatives during FY24.
