Apple's FY24 India Sales Jump 33% to $8 Billion, Higher Than 90% of BSE500 Companies' Revenue

Apple’s India sales jumped 33 per cent to a record of almost $8 billion in the financial year 2023-24. It has surpassed the revenues of 90 per cent of BSE500 companies including Hindustan Unilever, Tata Power, Tech Mahindra and Petronet LNG, according to CNBC-TV18.

Apple’s iPhones accounted for more than half of the total $8 billion sales, according to a Bloomberg report. In April, Bloomberg News reported that Apple has assembled $14 billion worth of iPhones in India last fiscal year, and makes as much as 14% of its marquee devices from India.

According to the CNBC-TV18 report, only 48 of the BSE500 companies had revenues of more than $8 billion in FY24.

While Tata Power and HUL reported revenues of $7.4 billion each for the 12-month period ending March 2024, Petronet LNG had a revenue of $6.4 billion during the year.

Most iPhones made in India are produced at the Sriperumbudur plant, about 25 miles west of Tamil Nadu’s state capital Chennai.