India's iPhone exports hit record Rs 60,000 crore

New Delhi: Apple has achieved a new milestone in its operations in India, with iPhone exports hitting nearly Rs 60,000 crore (over $7 billion) in the first seven months of the current fiscal year (FY25). This marks a new record for the Cupertino-based tech giant, exporting approximately Rs 8,450 crore (nearly $1 billion) worth of iPhones each month during the April-October period.

The latest exports include newly launched iPhone 16 models, alongside the popular iPhone 15 and iPhone 14 series. Apple’s impressive performance reflects the success of India’s 'Make in India' initiative and the Production-Linked Incentive (PLI) scheme.

In the previous fiscal year (FY24), Apple exported over $10 billion worth of iPhones, and this year, with five months still remaining, the company has already achieved 70% of that total. The growth in exports is poised to set a new record by the end of the fiscal year.

Apple’s India operations, which included the manufacture and assembly of $14 billion worth of iPhones in FY24, saw a significant surge in exports, rising from $6.27 billion in FY23 to over $10 billion in FY24. Overall, the company’s total operations in India were valued at $23.5 billion last fiscal year.

In addition to the export success, Apple set an all-time revenue record in India in the July-September quarter of 2024. Apple CEO Tim Cook expressed excitement over the company’s growth in India, stating, “We continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple.”

Apple’s retail presence in India has also expanded, with two stores in New Delhi (Saket) and Mumbai (BKC), and plans to open four more. In Q3 2024, the company recorded its largest-ever quarterly shipment in India, reaching 4 million units, with the iPhone 15 and iPhone 13 being the highest-shipped devices. Apple also emerged as the second-largest player in the online market.

With IANS inputs