Apple India's net profit soars around 2.5 times to Rs 8.96 billion

Apple India’s net profit soared around 2.5 times to Rs 8.96 billion for the last financial year (FY18), even as its revenue grew at a slower pace during the year. This was despite the phone-maker calling India its next big emerging market in the world. 

The iPhone-maker had reported a net profit of Rs 3.73 billion in FY17.

In revenue terms, the Indian unit of the Cupertino-headquartered company posted 12 per cent growth in revenue at Rs 130.97 billion in FY18. 

India, however, still continues to be a relatively smaller market for the technology giant, which has a market share of around three per cent despite the company continuing to sell older generation devices to compete in the mid-range smartphone market.

In December last year, Apple had appointed Michel Coulomb to head its India unit for turning around the company’s fortunes in this rapidly growing market, and to make headway by competing with companies like Samsung as well as OnePlus.