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

EntrackrEntrackr · 1y 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.

Wint Wealth revenue jumps 2.6X in FY25; cuts losses by 60%

EntrackrEntrackr · 1d ago
Wint Wealth revenue jumps 2.6X in FY25; cuts losses by 60%
Medial

Bengaluru-based debt investment platform Wint Wealth reported strong financial performance in the fiscal year ended March 2025, as its operating revenue jumped 2.6X and losses narrowed by over 60% to Rs 8.2 crore. The six year-old Wint Wealth recorded an operating revenue of Rs 44.5 crore in FY25 from Rs 17.2 crore in FY24, according to its financial statements filed with the Registrar of companies (RoC). Founded in 2020, Wint Wealth allows retail investors to invest in fixed-income products such as corporate bonds, securitised debt instruments, and non-convertible debentures (NCDs) asset classes. It also provides B2B loans via its NBFC arm Wint Capital. The company primarily earns revenue from interest income on debt securities, including interest income from loans provided through its NBFC arm, Wint Capital, calculated using the effective interest rate (EIR) method. This segment accounted for 69% of total operating revenue and grew 3.9X year-on-year to Rs 30.8 crore in FY25. It also earns fee-based income from financial intermediary services such as facilitating debt investments and bond transactions, which amounted to Rs 9 crore in FY25. The rest of the income came from net gains on trading of debt securities in the secondary market, which accounted for Rs 4.7 crore in the fiscal year ending March 2025. Wint Wealth also earned Rs 2.3 crore interest on current investments and other non-operating sources, which took its total income to Rs 46.8 crore. For the wealthtech firm, employee benefit expenses remained the largest cost component and accounted for 49% of the total cost. This expense grew 25.6% to Rs 27 crore in FY25 and included Rs 4.7 crore of ESOP cost. Interest paid by the firm was another major expense and formed 34% of the overall cost. This expense jumped 4.4X to Rs 18.6 crore in FY25. Other overheads included advertising, legal and professional, and administrative expenses. These pushed the firm’s overall expenditure up by 32% to Rs 54.7 crore in FY25 from Rs 41.5 crore. In the end, the 2.6X jump in operating scale helped the Zerodha-backed firm narrow its losses by over 60% to Rs 8.2 crore in the last fiscal year. On a unit basis, Wint Wealth spent Rs 1.23 to earn one rupee of operating revenue in FY25. As of March 2025, the company reported current assets of Rs 296 crore, including Rs 35 crore in cash and bank balances. Wint Wealth has raised around $60 million, including its most recent Rs 250 crore ($28 million) led by Vertex Ventures with the participation from Eight Roads Ventures, Zerodha-backed Rainmatter, and 3one4 Capital.

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