Apple India's Profit Surge Amid Net Worth Declines

Apple India reported a 23% rise in net profit for FY2023-24, reaching Rs 2,746 crore. Total income increased 36% to Rs 67,122 crore. Counterpoint Research ranked Apple second in value market share. Despite profit growth, Apple's net worth declined 15% to Rs 3,083.45 crore, with employee expenses up 18%.

Apple India has achieved a significant milestone with a 23% increase in net profit, amounting to Rs 2,746 crore for the financial year 2023-24, as per its regulatory filing with Tofler. The company's total income surged by 36%, reaching Rs 67,122 crore, compared to the previous year's Rs 49,321.8 crore.

According to Counterpoint Research, Apple held a commendable market position, ranking second after Samsung in terms of value market share for the September 2024 quarter. The company declared an interim dividend of Rs 9.43 lakh per share, amounting to a total payout of Rs 3,302 crore to its shareholders.

Despite posting impressive profit figures, Apple's net worth in India witnessed a decline of approximately 15%, standing at Rs 3,083.45 crore. Employee expenses also saw an 18% increase to Rs 2,599.7 crore. Additionally, Apple India contributed Rs 42.23 crore towards its CSR initiatives during the fiscal year.

(With inputs from agencies.)