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Apple India posts $8 Bn revenue and $330 Mn profit in FY24

EntrackrEntrackr · 9m ago
Apple India posts $8 Bn revenue and $330 Mn profit in FY24
Medial

Apple India has consistently grown its operating scale and profit after tax over the past five to six fiscal years, and FY24 was no exception. The local entity of the smartphone, laptop, and watch maker reported a 36% increase in operating revenue, surpassing Rs 66,700 crore (approximately $8 billion) threshold in the last fiscal year. Moreover, Apple India posted a significant profit of Rs 2,746 crore ($330 million) during the fiscal year ending March 2024. Apple India’s revenue from operations grew to Rs 66,727 crore in FY24 from Rs 49,188 crore ($6 billion) in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. According to an IDC report, Apple achieved its highest-ever quarterly shipments in India during the September quarter of 2024 with 4 million units. By the third quarter of 2024, the company held an 8.6% share of the smartphone market in the country. Revenue from product sales increased by 36.53% to Rs 63,297.25 crore ($7.6 billion), contributing 94.86% of the total operating revenue. Service sales grew by 21.41% to Rs 3,430.45 crore ($413 million), accounting for the remaining 5.14%. It also earned Rs 393 crore from non-operating sources, pushing its total revenue to Rs 67,121 crore. On the expense side, material costs remained the largest expense category, accounting for 84.6% of the total expenses. These costs grew by 34.87% to Rs 53,658.6 crore ($6.4 billion) in FY24. Employee benefit expenses increased by 18.22% to Rs 2,599.6 crore ($313 million) during the same period. Advertising expenses rose sharply by 61.22% to Rs 728.7 crore ($87 million), while license fees (royalty paid to Apple Global by Apple India) doubled to Rs 4,490 crore ($540 million). Warranty claims amounted to Rs 374.2 crore ($45 million) in FY24. Overall, the company’s total expenses for the year increased by 36.5%, reaching Rs 63,397 crore ($7.6 billion) in FY24. Apple India’s profit increased by 23% to Rs 2,745.7 crore ($330 million) in FY24 from Rs 2,229.6 crore ($268 million) in FY23. Its ROCE and EBITDA margin stood at 71.96% and 6.43%, respectively. On a per-unit basis, Apple India spent Rs 0.95 to earn a rupee of operating revenue in FY24. The company reported Rs 2,912 crore ($350 million) in cash and bank balances and Rs 13,551 crore ($1.6 billion) in current assets at the end of FY24. Apple recently established a wholly owned subsidiary in India named Apple Operations India, highlighting the company’s commitment to expanding its presence and operations in the country. Meanwhile, Tata has agreed to acquire a 60% majority stake in Pegatron’s iPhone manufacturing facility in Tamil Nadu. Last year, Tata acquired a 100% stake in Wistron India, positioning itself as one of Apple’s largest contract suppliers, alongside Taiwan’s Foxconn.

PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable

EntrackrEntrackr · 6m ago
PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable
Medial

Fintrackr All Stories PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable Cashback and coupons app PaisaWapas has managed steady growth as its revenue from operations grew 24% year-on-year for the fiscal year ending March 2024. Moreover, the Bengaluru-based company also increased its profit by around 17% during the same period. PaisaWapas’ revenue from operations grew by 24% to Rs 68.7 crore in FY24 from Rs 55.5 crore in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. PaisaWapas operates as a cashback and deals platform, linking shoppers with e-commerce partners. It generates revenue through affiliate commissions, sharing a portion as cashback with users, and also earns from promotions and s. Revenue from these services surged 25.8% to Rs 66.7 crore in FY24, contributing 97% of the operating revenue in FY24. However, revenue from the sale of goods increased marginally by 35.4% to Rs 1.53 crore. The company also generated Rs 30 lakh from other income sources, pushing its total income to Rs 69 crore in the last fiscal year. Cashback to users remained the largest expense category, decreasing 14.6% to Rs 19.5 crore. Meanwhile, payouts to users increased 2.2X to Rs 15.5 crore. Advertising costs rose 95.1% to Rs 16 crore, indicating a focus on customer acquisition and engagement. Employee benefit expenses grew 41.1% to Rs 5.22 crore. Overall, total expenses increased 25% to Rs 64.4 crore, up from Rs 51.5 crore in FY23. PaisaWapas increased its profit by 16.7% to Rs 3.5 crore from Rs 3 crore in FY23. The firm recorded an EBITDA of Rs 4.86 crore, with an EBITDA margin of 7.04% and a Return on Capital Employed (ROCE) of 41.5%. The Bengaluru-based platform reported current assets of Rs 22 crore as of March 2024, while cash and bank balances rose 75% to Rs 7 crore. According to TheKredible, PaisaWapas has raised a total of $46K in funding to date. Vividhity Ventures is the lead investor, holding 2% of the company’s stake. Meanwhile, PaisaWapas’ founders, Shankar Singh and Ashish Kumar, collectively own 94% of the company. PaisaWapas competes against the companies such as CashKaro, CouponDunia, GoPaisa and GrabOn, among several others.

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