Home / Companies / News /  Apple doubles its revenue in India for April-June quarter
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Apple Inc. doubled its India revenue in the June quarter and posted robust growth in Brazil, Vietnam, and Indonesia, the iPhone maker said, after reporting quarterly earnings on Thursday that beat analysts’ estimates despite supply chain constraints.

“We also saw June quarter revenue records in both developed and emerging markets with very strong double-digit growth in Brazil, Indonesia, and Vietnam, and doubling in India," CEO Tim Cook said during the company’s call with investors.

According to CyberMedia Research, Apple shipped more than 1.2 million iPhones in India in the June quarter, nearly double that of last year. This comes on the back of record growth for Apple in India last year, when it doubled its smartphone market share and shipped a record 6 million iPhones.

Apple’s growth in India belies the current slowdown in smartphone shipments. Market researcher Counterpoint Research on Thursday said smartphone shipments in India fell 5% sequentially in the June quarter.

Navkendar Singh, associate vice-president at IDC India, points out that the premium end of the market is seeing growth while demand for low-end devices is tapering. “This is reflective of the income disparity and immense financial stress at the lower end of the market," he added.

According to Singh, Apple is driving a lot of growth with affordability offers and financial tie-ups to take care of the high upfront cost of purchase.

The slide in the value of the rupee against the dollar hasn’t impacted Apple consumers either. “Apple has chosen to absorb some of this impact since there is a serious intent to grow the business now, which is very well being reflected in the numbers getting published," Singh said.

The iPhone 13 and iPhone 12 contributed almost half of iPhone sales in India, he added.

In terms of market share in India, Singh said Apple was at the seventh spot in the March quarter, with a 3% volume share and in third place, with around 15% value share in the smartphone market. Value share indicates the portion of the market a company accounts for in terms of the total value of devices shipped to the country, while volume share accounts for the number of units.

Though iPhones accounted for the lion’s share of Apple’s revenue in India, the company has also seen growth in demand for iPads. Prabhu Ram, head of the industry intelligence group at CMR, said iPads registered a 34% growth in the June quarter from a year ago. iPad Gen 9 and iPad Air accounted for most of the iPad shipments.

The company held the second position in terms of market share, with a 22% market share, alongside Samsung, in the March quarter, according to CMR.

China’s Lenovo had a higher 36% market share.

Apple’s global revenue rose 2% to $83 billion, while net profit declined 11% to $19.4 billion in the June quarter. Global revenue from the iPhone business during the quarter rose 3% to $40.67 billion.

Sanyam Chaurasia, an analyst at research firm Canalys, said inflation and fall in disposable income barely had any impact on Apple’s affluent customer base. He added that Apple also offered “strong deals" on previous generation iPhones on both online and offline channels in the second quarter.

In April, industry analysts said Apple would grow faster than the rest of the smartphone market. They estimated a 25% higher annual shipment growth for Apple in India in 2022.

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