Apple's iPhone sales in India seen as driving $1B in revenue this yearAccording to a recent report, Apple's iPhone helped triple the company's year-to-year revenues in India for fiscal 2012 to roughly $370 million, and the adoption of new aggressive smartphone sales tactics are likely to see that number balloon to over $1 billion for 2013.
The revenue bump represents a 223 percent increase from fiscal 2011, with profits jumping 431 percent to reach over $57 million over the same period, reports The Times of India (via TUAW). Analysts are now predicting strong iPhone sales will carry the already booming revenues to grow to $1 billion in 2013 as Apple further taps India's burgeoning smartphone market.
Although Apple does not disclose the specific financial details for the India unit, the company must file with the country's Registrar of Companies, which was cited in the report.
As noted by the publication, the figures don't take into account Apple India's marketing push over the past six months, which includes recent iPhone buyback incentives that sparked a massive bump in sales and price war with rival Samsung.
Jessica Kwee, a Canalys analyst specializing in mobile phones for the Asia-Pacific region, said she expects Apple to ship over one million iPhones worth some $1 billion to India during the company's fiscal year, which started in October and will end in September.
"Apple India should generate $1 billion sales between April 2013 and March 2014 as well," Kwee added.
While iPhones are thought to be leading the charge into India, Apple's tablet and computer sales have also seen moderate gains thanks in part to special pricing on iPads and promotional offers for Macs.
India's market hasn't received much attention from Apple in the past, though the recent upswing in sales and marketing maneuvers could be a sign that the company has recognized potential in the region.
Apple has been pushing hard in developing markets, and has seen incredible growth as a result. Most recently, Apple broke out Greater China, which consists of China, Taiwan and Hong Kong, as its own business segment in the company's quarterly conference call for the first quarter of 2013 due to the region's importance and skyrocketing performance.