Apple sees sales surge in India; revenues expected to cross $1 billion in 2013
Looks like Apple’s marketing onslaught in India has had some effect on the company’s bottom line. The company has posted 223 percent growth in revenues in 2012 as compared to the previous year.
Apple India's revenues rose nearly three-fold to Rs 2,003.9 crore for the year ended March 2012 and now analysts are expecting an even bigger surge in sales for Apple devices in the country. The expectations put company's revenue at over $1 billion (approx Rs 5,400 crore) for the current fiscal year.
Apple 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% from Rs 620 crore in FY11. Between 2011 and 2012, the company’s India unit’s net profit also shot up nearly five times to Rs 311.5 crore, from Rs 58.6 crore.
Apple India's revenues rose nearly three-fold to Rs 2,003.9 crore for the year ended March 2012 and now analysts are expecting an even bigger surge in sales for Apple devices in the country. The expectations put company's revenue at over $1 billion (approx Rs 5,400 crore) for the current fiscal year.
Apple 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% from Rs 620 crore in FY11. Between 2011 and 2012, the company’s India unit’s net profit also shot up nearly five times to Rs 311.5 crore, from Rs 58.6 crore.
Apple's iPhone 5
Having said that, Samsung still has the larger chunk of the market in India, with nearly 40 percent of the pie when it comes to smartphones. Apple is in the runners-up spot in the race with Nokia, BlackBerry, Sony and the likes of Micromax and Karbonn making up the rest.
These figures are from way before Apple started aggressively marketing its iPhone since late last year, and experts say that the campaign could deliver even greater sales figures for the Cupertino company in India. "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, an analyst at IDC was quoted as saying by The Economic Times.
Singapore-based market research firm Canalys believes the growth will continue in 2013 giving Apple a solid platform to fight against Samsung’s and Android’s dominance. Apple is expected to clock in $1 billion in revenues in this financial year. "Apple's iPhone shipments to India will range 6-7 lakh units during 2012-13, compared with some 4 lakh units during 2011-12," Canalys' analyst Jessica Kwee told the daily.
Between October 2012 and September 2013, Apple's financial year, the company is expected to ship more than a million iPhones to India, which could mean $1-billion in sales during the period. "Apple India should generate $1 billion sales between April 2013 and March 2014 as well," Kwee added.
Over the past six months, Apple has been in the middle of a rethink on its India strategy. In September last year, Apple tied up with two retail distributors in India, where the company has no standalone Apple Stores. It also began an advertising campaign that has gone on till date, including an EMI scheme for buying smartphones in instalments.
These figures are from way before Apple started aggressively marketing its iPhone since late last year, and experts say that the campaign could deliver even greater sales figures for the Cupertino company in India. "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, an analyst at IDC was quoted as saying by The Economic Times.
Singapore-based market research firm Canalys believes the growth will continue in 2013 giving Apple a solid platform to fight against Samsung’s and Android’s dominance. Apple is expected to clock in $1 billion in revenues in this financial year. "Apple's iPhone shipments to India will range 6-7 lakh units during 2012-13, compared with some 4 lakh units during 2011-12," Canalys' analyst Jessica Kwee told the daily.
Between October 2012 and September 2013, Apple's financial year, the company is expected to ship more than a million iPhones to India, which could mean $1-billion in sales during the period. "Apple India should generate $1 billion sales between April 2013 and March 2014 as well," Kwee added.
Over the past six months, Apple has been in the middle of a rethink on its India strategy. In September last year, Apple tied up with two retail distributors in India, where the company has no standalone Apple Stores. It also began an advertising campaign that has gone on till date, including an EMI scheme for buying smartphones in instalments.
Report by :
Nikhil Subramaniam
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