Financial Year 2023-24: Apple’s sales in India grew 33 percent to a record above $8 billion in the financial year 2023-24. According to CNBC-TV, it has outpaced the revenue of 90 percent of BSE500 companies, including Hindustan Unilever, Tata Power, Tech Mahindra and Petronet LNG. According to a Bloomberg report, Apple iPhones accounted for more than half of the total sales of $8 billion. In April, Bloomberg News reported that Apple manufactured $14 billion worth of iPhones in India in the last financial year and makes 14% of its flagship devices in India.
According to CNBC-TV, only 48 of the BSE500 companies had revenues above $8 billion in FY24. While Tata Power and HUL reported revenues of $7.4 billion for the 12-month period ended March 2024, Petronet LNG had revenues of $6.4 billion during the year. Most of the iPhones manufactured in India are produced at the Sriperumbudur plant, about 40 kilometers west of Chennai, the capital of Tamil Nadu state.
