Apple doubles its business in India in fiscal 2021: Tim Cook

Despite supply constraints, Apple has doubled its business in India in the fiscal 2021, chief executive Tim Cook said during the company’s September quarter earnings call, early Friday. Cook also said that the company earned nearly one-third of its revenue from emerging markets in the fiscal year.




The Cupertino-based company follows an October-September fiscal cycle instead of the April-April one.

“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.

The company said that it generated a quarterly revenue of $83.4 billion (roughly Rs. 6,23,800 crore) in the fourth quarter that ended September 25.

Cook, however, said global supplies remain a challenge for Apple on back of very high demand. Apple has estimated that supply constraints had around a $6 billion revenue dollar impact driven primarily by industry-wide silicon shortages and Covid-related manufacturing disruptions.

“One was the chip shortages that you’ve heard a lot about from many different companies throughout the industry. And the second was Covid-related manufacturing disruptions in Southeast Asia. The second of those, the Covid disruptions, have improved materially across October to where we currently are. And so, for this quarter, we think that the primary cause of supply-chain-related shortages will be the chip shortage,” said Cook.

“Even so, we set an all-time record for Mac and quarterly records for iPhone, iPad, Wearables, Home and Accessories representing 30 per cent year-over-year growth in products,” he added.

As per Counterpoint Research, Apple was the highest growing brand in Q3 2021 with 212% year-on-year growth and led the premium smartphone market (> INR 30,000) with a 44% share.

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Apple also maintained its leading position in the ultra-premium segment (> INR 45,000 or ~$650) with a 74% share, Counterpoint said.

Riding on the stellar performance of iPhone 12 alongside the iPhone 11, Apple registered a whopping 150 per cent growth (on-quarter) for iPhones in the July-September period (Q3) in India, shipping over 1.53 million units in the country.