Apple’s total income stood at Rs 13,097.6 crore in the financial year 2018 as compared to Rs 11,704.3 crore in the last financial year
American technology major Apple witnessed a jump of 140% in net profit from its India unit, during the financial 2017-18. The net profit from iPhone maker’s Indian unit stood at Rs 896.3 crore for the fiscal ended March 2018, according to regulatory documents submit by the company.
In the fiscal of 2016-17, the American multinational had recorded a net profit of Rs 373.3 crore, according to the documents filed by the company with Ministry of Corporate Affairs.
Total income up
The company, which is competing with other major players in India – OnePlus and Samsung, in the premium smartphone segment, saw an increase of about 12% in its total income. The company’s total income stood at Rs 13,097.6 crore in the financial year 2018 as compared to Rs 11,704.3 crore in the last financial year, as per the documents sourced by business intelligence firm Tofler.
During the earnings call in the month of July, Luca Maestri, Chief Financial Officer (CFO), Apple had said that the company was observing a great momentum in the emerging markets like India. It had created a new quarter record, ending June 30, for sales of MacBook in India.
Increasing market share
Tim Cook, Chief Executive Officer, Apple, earlier in the year, had also put emphasis on the importance of Indian market for the company. Apple plans to introduce all its initiatives in India, including retail, where the company has a very low market share, but it offers immense opportunities, he has said.
Apple has been gradually increasing its share in the growing smartphone market of India. As per a report by Counterpoint Research, iPhone maker had a market share of 25% in the premium smartphone category (Rs 30,000 and above), just behind OnePlus with 30% share and Samsung with 28% market share, in July-September quarter of 2018.
