Apple has crossed the $1 billion sales mark in India for the year ended March, according to a report by the Economic Times. The registrar of companies filings showed that Apple India posted a 44% increase in sales to Rs 6,472.89 crore from Rs 4500.35 crore and net profit doubled to Rs 242.85 crore from Rs 119.48 crore.
As per the RoC filing, the parent didn’t take any dividend from India operations in FY15. Apple Operations International owns 99% of the Indian company and the rest by Apple Operations Europe.
India operations has been under greater focus in CEO Tim Cook’s tenure and Apple has been increasing its efforts for sales and marketing since 2012. Apple has been releasing its devices, such as the iPhone 6, iPhone 6s and Apple Watch, in India closer to the global launch date rather than months.
Apple sold 1.7 million iPhones in India between October 2014 and September 2015, the company’s financial year, compared with 1.1 million units earlier, a report by ANI News showed.
Apple stores in India
Cult of Mac reports that Apple will be opening its official Apple Stores with Croma. The six new retail stores will be opened inside existing Croma stores , much like the store-in-a-store model used by Apple during the 1990s but will have the same look and feel of Apple Stores and employees will be trained by Apple.
Although, the government earlier this month relaxed foreign direct investment (FDI) norms for single brand retail and it could see Apple setting up its flagship stores in India as well as sell its devices online on its website.
Foxconn to manufacture iPhones in India
Earlier in June it was reported that iPhone manufacturer Foxconn could possibly set up base in India to manufacture Apple devices for Indian and international sales. At the time, Foxconn reportedly sent a delegation of officers to look for locations in a month. Between 10-12 Foxconn facilities are planned for development in India by 2020, including data centers and factories.
Image source: Flickr user Michael Summers