267 Per cent Increase in Apple’s Profit From India

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As opposed to Rs 262.27 crore profit during FY 2019, Apple has reported profits worth Rs 962.2 crore during FY 2020

Apple’s contract manufacturers Foxconn and Wistron getting the go-ahead for inclusion in the recently announced PLI scheme by the ministry of electronics and IT (MeitY) isn’t the only good news for USA-headquartered company. Apple for FY 2020 has reported revenue figures of Rs 13.756 crore. These figures, during FY 2019, stood at Rs 10,674 crore.

This 29 per cent year-on-year jump in revenue also represents a jump of nearly 267 per cent in the profits Apple made in India during FY 2020 compared to Fy 2019. The company, last year, had announced an investment of $13 million (approx Rs 1000 crore) for India. Apple, through the investments, is planning to start an online retail platform and launch physical stores in the country.

Foxconn investing $1 billion in India

Foxconn, one of Apple’s top contract-manufacturers, is also planning to invest $1 billion in the country. These investments wll be used to develop Foxconn’s manufacturing facilities in the country. The plan is to export made in India iPhone models in the world.

Wistron, another contract manufacturer of Apple, is also said to be investing close to Rs 2,900 crore in India. We had also reported that Wistron has already started working on expanding one of its manufacturing facilities in India. The company has given contract of an air conditioning and ventilation system worth 4000 ton capacity to Blue Star. The latter has mentioned of the same in a regulatory filing.

“Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services,” said Tim Cook, Apple’s CEO.

He added ,“Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive. From remote learning to the home office, Apple products have been a window to the world for users as the pandemic continues, and our teams have met the needs of this moment with creativity, passion, and the kinds of big ideas that only Apple can deliver.”

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