Revenue grew at double-digit percentage rate in the 12 months through March from about $9 billion a year earlier, according to a person familiar with the matter, who asked not to be identified as the information is private. Apple’s marquee iPhones accounted for a significant majority of the sales, while demand for iPads and MacBooks also rose, the person said.
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The previously unreported figures in the world’s most populous country are a boon for Apple’s efforts to find new growth markets. While India still represents just a fraction of its overall business, the South Asian country is emerging as one of its key sales regions outside of the US and China.
Apple representatives didn’t immediately respond to a request for comment.
India could further gain in significance given the US’s increasingly uneasy geopolitical relationship with China, which is the Cupertino, California-based company’s largest overseas market. Apple’s latest quarterly sales in China amounted to $18.8 billion, short of the $19.6 billion estimated by some analysts. It’s also a market where local smartphone rivals such as Huawei Technologies Co. often outsell Apple.
Apple’s recent sales figures from India, when presented in US dollars, are diminished by the rupee’s decline. The Indian currency has dropped about 10% against the greenback since the start of last year.
As part of its India retail expansion, Apple opened a new store in the financial capital of Mumbai in February, taking its official shop count in the country to six.
India’s local sourcing requirements kept Apple away from opening its iconic stores in the South Asian nation for years. As the policy eased, Apple finally launched its online store in India in 2020. Chief Executive Officer Tim Cook then inaugurated the first two stores in India, respectively located in Mumbai and New Delhi, in 2023. The company has since boosted its retail network in the country and added more premium resellers.
High taxes make iPhones pricey in India — Apple sells the entry-level iPhone 17 model at 82,900 rupees ($870) in India, compared with the $799 price tag in the US, where it also leases the device for as little as $23 a month. To grow its market share the company has partnered with banks for credit card rebates, and also offers student discounts and trade-ins on older devices. Cook has consistently said India is among the company’s fastest-growing markets.
India has also become key to Apple’s manufacturing strategy, with five factories producing iPhones. One in every four iPhones is now made in India, and it’s the major source of US-bound devices.