According to new data published by the India’s Registrar of Companies, Apple has crossed the $1 billion sales mark in India for the first time, for the annual period ending last March.
Even with their products being a tad high priced compared to other countries, a report from Economic Times says, Apple in India, has managed a 44 percent increase in sales from Rs. 4500.35 crore up to Rs. 6472.89 crore with a doubled net profit of Rs 242.85 crore. Apple’s success is believed to be due to its extensive selling networks and smart marketing strategies such as the introduction of buybacks, installment programs, and discount schemes.
Apple’s focus on the Indian market has increased in the recent years. Apple now has started releasing their new iPhone models in India closer to their global launch date. It has also improved its advertising which has led to Apple becoming the third-largest brand in the Indian cell-phone market, the iPhone now has a 9 percent share of the Indian cell-phone market but, is still behind Samsung and Micromax. They have recently tied up with Croma Retail to open up Apple Stores in India inside some of their retail stores. And are also considering to open an R&D center in the country.
During a recent meeting with the Indian Prime Minister, Tim Cook discussed the possibility of bringing Apple Pay to the country. Cook also commented that he was keen to partner in the Digital India initiative, which aims to make government services accessible electronically, and saw big opportunities for the Indian economy through app development.
Even though Apple’s local sales have doubled in the past two years, Apple India’s parent company did not claim any dividend from its 2015 operations.
Apple India wrote in its annual report, “With a view to conserving its financial resources, no dividend payout to the company’s shareholders has been recommended by the board of directors for the current year”.