Apple, trading at NASDAQ: AAPL, recorded robust double-digit growth in India in the March quarter this year, and CEO Tim Cook says the company is going to ramp up its presence in India as well. Cook stated that increasing the manufacturing activities in India is very crucial for staying competitive.
On an analyst call after the company announces fiscal 2024 second-quarter earnings, with revenue of $90.8 billion, Cook said the company had revenue milestones in many countries and regions, of which India was one.
"We're very, very pleased about it. It was a new March quarter revenue record for us. As you know, as I've said before, I see it as an incredibly exciting market and it's a major focus for us," Cook said, speaking about the performance.
Regarding operations and supply chain, Cook stated that there is a need to produce in India to be competitive. He said the company has been working on expanding the channels and enhancing the developer ecosystem in India.
"We've been very pleased that there is a rapidly-growing base of developers there. And so, we're working all of the entire ecosystem from developer to the market to operations," Cook shared.
Apple is also working with partners in India and the US to ensure responsible usage of water, aiming to offset 100% of the water used in areas with critical water needs, with the aim of delivering billions of gallons of water benefits over the next two decades.
The company plans to manufacture more than 50 million iPhones a year in India, as part of its efforts to spread manufacturing out of China. In fiscal year 2024, iPhone production crossed Rs 1 lakh crore, with 70% of the output being exported, amounting to a total market value of Rs 1.6 lakh crore.
In this regard, the Senior Vice President and Chief Financial Officer of Apple, Luca Maestri, had observed that the company had set first-half revenue records in India among many other countries.
More importantly, over 1.5 lakh people in India have been given employment in the entire Apple ecosystem.
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