Apple India Reports 23% Profit Increase in FY24

Apple India reported a 23% increase in net profit for the financial year 2023-24, amounting to Rs 2,746 crore, up from Rs 2,229.6 crore in FY23. Total income surged by 36% to Rs 67,121.6 crore, driven largely by strong sales of its mobile devices and laptops. Despite this growth, the company faced a decline in net worth, which fell by approximately 15% to Rs 3,083.45 crore. Employee expenses rose 18% to Rs 2,599.7 crore, while total expenses reached Rs 63,397 crore, reflecting increased material and advertising costs. Apple India also declared a significant interim dividend of Rs 3,302 crore to its shareholders, further solidifying its financial standing in the market. The company's performance underscores its competitive position within the Indian technology sector, where it ranks second in value market share behind Samsung.