Apple surpasses USD one billion sales mark in India

Apple, the third-largest brand in the Indian cell-phone market, crossed USD one billion sales mark in Indian operations for the first time in the year ended March.

According to the results filed with the Registrar of Companies (RoC) on Wednesday, the company posted a 44 percent increase in sales to Rs. 6,472.89 crore from Rs. 4500.35 crore. The net profit doubled to Rs. 242.85 crore from Rs. 119.48 crore as the company widened its retail network and stepped up marketing efforts, including buyback schemes, installment programmes and discounts.

"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," said the Apple India annual report.

In 2012, the company changed its sales model by appointing retail distributors and began advertising campaigns. Since then, the sales have been rising with a great pace. The company enjoys nine percent value share after market leaders such as Samsung and Micromax.