Apple saw ‘very strong double-digit growth’ in India during July-Sept.

Emerging markets including India continued to perform “incredibly well” for technology giant Apple, helping it to post record revenue of $90.1 billion for the fourth quarter ended September, a growth of 8% from a year earlier. For the full fiscal, the company posted revenues of $394.3 billion, up 8% year over year.

“Across nearly every geographic segment, we reached a new revenue record for the quarter and we continue to perform incredibly well in emerging markets with very strong double-digit growth in India, southeast Asia and Latin America,” Apple CEO Tim Cook said in his opening remarks during the earnings call.

During the previous quarter too, the U.S.-headquartered firm saw a “near doubling” of revenues in the India market.

On iPhone revenue, Apple CFO Luca Maestri said, “We set September quarter records in the vast majority of markets we tracked. And our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record and Thailand, Vietnam, Indonesia and Mexico more than doubling year over year.”

As per latest financial data accessed by business intelligence platform Tofler, Apple India Private Ltd.’s revenues grew 45% to ₹33,381 crore for the financial year 2021-22, compared with the previous year. Net profit grew 3% to ₹1,263 crore. Additionally, the company’s total expenses for the fiscal were reported as ₹31,693 crore.

To analysts’ questions regarding inflation pressures globally and foreign exchange (FX) headwinds, Mr. Maestri said: “One of the things that we’ve really appreciated the most during the quarter was the fact that inspite of the very strong dollar and the difficult FX environment, we have seen very strong performance in many international markets particularly some very large emerging markets, where even in reported currency (USD), we are seeing very strong double digit growth in places like India, Indonesia, Mexico, Vietnam and many places where we have done incredibly well.”

“And obviously in local currency, those growth rates are even higher. It is important for us to look at how these markets perform in local currency because it really gives us a good sense of customer response for our products, the engagement with our ecosystem and in general the strength of the brand. And I have to say in that respect, we feel very very good about the progress we are making in a lot of markets around the world,” he added.

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