Apple has seen its business booming in India over the last decade. In the last few years as the market for premium phones grew in India, Apple and Samsung have benefitted the most from it. While iPhones are the driving force for Apple, its other products such as AirPods, Macs, and iPads have also contributed to the growth of the company in India. From a consumer market standpoint, India is very important for Apple, and the company's move to open two retail stores in 2023 in Mumbai and Delhi is a testament to that. Additionally, Apple has confirmed that it is going to open four more of its stores in the country.
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The soaring market for its products helped in increasing the dividend payout from India. According to an ET report, Apple India Private Limited, a subsidiary of Apple Inc made a dividend payment of Rs 3,302 crore to Apple Operations International for FY24. What's notable here is that compared to the year before, this amount has more than doubled. Also, the dividend amount far exceeds the net profit that Apple made in the last fiscal year - Rs 2,745.7 crore.
Apple Looking to Scale iPhone Manufacturing in India
Given the tensions with China, especially as Donald Trump has won the Presedential elections, Apple is looking to shift major iPhone manufacturing capacity to India and Vietnam. This will help the company in reducing its reliance on China. According to Business Standard, Apple is looking to shift over 32% of the global iPhone production volume to India by FY2026-27.
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Apple is already manufacturing and selling the latest iPhone 16 Pro models in India. In FY24, Apple moved 12-14% of its global iPhone production to India. The company will slowly enhance this number further as government brings more favourable policies to make India a manufacturing friendly ground.
