Apple's sales in India increased by 12% to 13,098 crores in fiscal year 18

KOLKATA | MUMBAI: The Indian unit of Apple more than doubled its profit during the fiscal year ended March 2018, but sales grew at a slower pace, which badysts attributed to the decline in demand for iPhone models after rising prices in January due to rising import duties and Chinese aggression. in the segment of premium smartphones.

Apple recorded a 12% increase in total revenue in India in the last fiscal year to Rs. 13,097.64 crore, compared to Rs. 11,704.32 crore the previous year, according to its latest documents filed with the Registrar of Companies. Net profit went from 373.38 crores to Rs 896.33 crores, which the industry attributed to the high margin of the iPhone X and Mac computers.

Tarun Pathak, badociate director of the Hong Kong-based market monitoring firm, Counterpoint Research, said that sales of the iPhone 7 and 6, sold at a relatively higher price, also allowed for Increase profitability. "This has pushed up the average selling price of the iPhone in India," he said.

Apple does not attribute any reason to its financial performance in the deposits. An email sent to Apple India has not received any response before press time on Friday. Apple CEO Tim Cook said in recent quarters that Mac computers are growing at a record pace in India, boosting the country's overall growth rate.

The figures also indicate that Chinese manufacturers Xiaomi and BBK Electronics Corp, which owns the Oppo, Vivo and OnePlus brands, far exceeded Apple in the Indian market last year.

Xiaomi Technology India recorded an Indian turnover of 22,947.27 billion rupees during the EX18, while for the local unit of BBK Electronics, it was 23,173 million rupees combined for Oppo and Vivo.

Details of OnePlus sales in India are not yet available.

A year ago, Xiaomi was lagging behind Apple with a business figure of 8,334.4 crore. BBK Electronics also surpbaded Apple India last year, but by a lower margin, at 14,343 crore.

During the 2017 fiscal year, Samsung had dominated the market with smartphone sales rising to 34,261 crores and the Chinese smartphone maker and notebook Lenovo India had declared 11 950 crore. FY18 numbers for Samsung and Lenovo India are not yet available.

The industry expects Apple India's earnings growth to continue to exceed revenues even during the current fiscal year, with new national manager Michel Coulomb restructuring its sales strategy and of distribution.

He took office last December in Sanjay Kaul, which encouraged sales mainly through online discounts.

Coulomb realigned its strategy to reduce discounting throughout the year. It has reduced the number of distributors, stopped the rapid expansion in convenience stores and is trying to guarantee higher sales in exclusive Apple branded stores.