NEW DELHI :
Technology company Apple Inc. has doubled its business in India, chief executive Tim Cook said during the company’s September quarter earnings call, early Friday.
“During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam. We are optimistic about the future, especially as we see strong demand for our new products,” Cook said.
Apple follows an October-September fiscal cycle instead of the April-April one.
Apple does not break-up India phone sale numbers. However, the company sold 3.2 million iPhones in India during the 2020 calendar year, according to market research firm Counterpoint Research.
“The recent quarter was the best for Apple in India ever. The full impact of the festive season will be reflected in the next quarter and we believe that iPhone 12 is likely to lead within the portfolio,” said Tarun Pathak, research director at Counterpoint Research.
According to Cybermedia Research (CMR), Apple’s shipments registered a 150% quarter-over-quarter growth in India during the quarter ended September 2021, which is a 28% year-on-year increase.
“Leveraging on Apple’s aspirational appeal among consumers, the older-generation iPhones, especially the iPhone 12 and the iPhone 11, contributed to Apple’s success in the quarter. Despite the current supply side dynamics, Apple is on track to post its best performance in India, ending the year with a potential 3.5% market share,” said Prabhu Ram, Head, Industry Intelligence Group at CMR.
Despite the strong numbers, the iPhone maker said supply constraints had affected its ability to meet demand during the quarter, a problem Apple expects will increase during the December quarter.
Cook and chief financial officer (CFO) Luca Maestri explained that these issues occurred due to the pandemic and because of the global chip shortage affecting electronics firms worldwide. Cook believes that while covid-driven issues have started to ease, the chip shortage would get worse in the December quarter.
The pandemic might have helped Apple in India though.
“Apple had the strongest line-up in India in the past year that contributed to the growth. Apart from this, the pandemic-induced trends worked in favour of iPad, Mac, Airpod, and services growth as well in India,” said CMR’s Ram. “The strong product demand along with a dedicated channel strategy helped Apple to grow in India. Apple had a very successful quarter in terms of iPhones with shipments crossing a record 2 million units for the first time in a single quarter. iPhone 11 and 12 contributed almost 62% of that,” he added.
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