Apple’s foothold in India is getting stronger and has crossed the mark of $1 billion sales, posting a profit of Rs 242.85 crore which is double the previous year’s profit of Rs 119.48 crore.
In a filing with the Registrar of Companies (RoC) on Wednesday (via ET), the company also revealed a 44% increase in the sales in iPhones and iPads to Rs 6,472.89 crore from Rs 4500.35 crore in the year that ended this March.
The sales have been growing by 35% quarter-on-quarter over the last two years as iPhones continue to grow in popularity in the Indian market. According to the report, the board of directors of the company, however, did not recommend to take any dividends from the India operations in FY-15 in order to conserve the financial resources of the company.
Apple has recently become quite active in India which was once a neglected market for the Cupertino giant. However, a country with 1.25 billion population amidst the Internet revolution cannot be left behind by any organization. Moreover, after the recent Modi visit to the Silicon Valley and the possible relaxation in FDI norms, there cannot be a better time for the Cupertino giant to give a boost to its presence in the Indian subcontinent.
The company is reportedly also looking to come up with its fully owned stores in the country soon after the implementation of some proposed relaxation in FDI norms. Before this, Apple also partnered with Tata-owned Croma retail stores for selling its products in the country and there were reports earlier this year regarding the plans of Apple to come up with a development centre in the country.
With the increase in Internet users and smartphones in the country over the past two years, the Indian market is already flooded by smartphones from the plethora of companies like Xiaomi, OnePlus, Samsung and Micromax to name a few. And it remains to be seen how premium products from Apple will manage to compete on a large-scale with these companies in the Indian market, which is currently dominated by low to medium budget smartphones by these companies.