Apple India's revenues rose three-fold to over Rs 2,000 crore for the year ended March 2012, and analysts expect surging iPhone sales to propel the company's top line to over $1 billion (about Rs 5,400 crore) in the current fiscal year.
The maker of iPhones and iPads does not disclose financial results for the Indian unit, but according to latest filings with the Registrar of Companies, Apple India's revenues rose 223% to 2003.9 crore in FY12, from Rs 620 crore a year ago. During the same period, the Indian unit's net profit shot up 431% to Rs 311.5 crore, from Rs 58.6 crore.
These figures predate the aggressive marketing strategies adopted by Apple in the past six months, and experts say it is possible that Apple India's strong showing in 2011-12 woke the company up to the country's potential. "The huge jump in revenues has made the company realise India's potential. Apple is now chasing volumes and looking at the numbers game," said Manasi Yadav of IDC, a firm that tracks sales of consumer technology products.
iPhone shipments to India have risen three-fold in the past six months, and according to Singapore-based market researcher Canalys, the robust sales growth will continue this year, enabling Apple to comfortably clock $1 billion in revenues in 2013-14. According to Canalys, Apple would have grossed $500 million from iPhone sales in India alone in 2012-13.
"Apple's iPhone shipments to India will range 6-7 lakh units during 2012-13, compared with some 4 lakh units during 2011-12," said Canalys' analyst for mobile phones (APAC) Jessica Kwee. She added that between October 2012 and September 2013 - which is Apple's financial year - the company will ship more than 1 million iPhones to India, which could translate into $1-billion sales during the period. "Apple India should generate $1 billion sales between April 2013 and March 2014 as well," Kwee added.
An email to an Apple spokesperson in the regional headquarters in London - on its financial performance in India and the strategy ahead - did not elicit any response.
India has traditionally not been a high-priority market for the Steve Jobs-founded company and it used to take months for a new Apple product to make its way to the country. In late 2011, the company began to expand its India team and introduce new models closer to their global launch. In September 2012, the company changed its sales model by appointing two retail distributors, began an advertising blitzkrieg, and launched an EMI scheme for smartphones.
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