Apple crosses $1 billion sales mark for the first time in India!

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.

While the sale of iPhone increased by 35 per cent quarter-on-quarter in the last two years, in fiscal year 2013, it had posted revenue of Rs 3,057.79 crore.

According to Apple India annual report that “With a view to conserving its financial resources, no dividend payout to the company’s shareholders has been recommended by the board of directors for the current year”. It also noted that the 99% ownership of the Indian company rests with Apple Operations global and remaining 1% with Apple Operations Europe. Since 2012, it has also upped its advertising – leading to Apple becoming the third-largest brand in the Indian cellphone market with approximately 9 percent market share. This is evident from how Apple has begun launching its iPhones in the first wave of markets, which earlier did not include India.

Despite their comparable sizes, India’s not going to become a major market for Apple overnight in the way that China has, but it’s still fascinating to watch the company make such massive inroads there. On several occasions, the company’s top management has acknowledged that Indian operations are very important for the company.