Exploring Tim Cook's observations on Apple's march quarter triumph in India

Apple unveiled its fiscal year 2024 second-quarter results, and during this announcement, CEO Tim Cook highlighted the company's growth in India during the March quarter.

Shantanu Poswal
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During an analyst call discussing Apple's fiscal 2024 second-quarter results, which boasted revenue figures of $90.8 billion, Apple's CEO, Tim Cook, revealed significant growth in India during the March quarter. Cook expressed Apple's commitment to further expanding its operations within the country. He emphasised the necessity for increased manufacturing in India to maintain competitiveness, noting that Apple had achieved record revenues in over a dozen countries and regions, with India being among them.

“We are very, very pleased about it. It was a new March quarter revenue record for us. As you know, as I've said before, I see it as an incredibly exciting market, and it's a major focus for us,” Cook conveyed to analysts during the call.

Regarding operational and supply chain matters, Cook emphasised the importance of local production in India for competitive purposes. “In terms of the operational side or supply chain side, we are producing there, and from a pragmatic point of view, you need to produce there to be competitive,” he explained.

Cook also highlighted Apple's efforts to expand its channels and develop the developer ecosystem in India. “We have been very pleased that there is a rapidly growing base of developers there. And so, we're working on the entire ecosystem, from developer to market to operations,” he stated.

In addition to operational strategies, Cook mentioned Apple's environmental initiatives in India, working with partners to replenish 100 percent of the water consumed in critical areas, aiming to deliver billions of gallons of water benefits over the next two decades.

Apple is poised to increase its iPhone manufacturing capacity in India to over 50 million units annually, intending to diversify production away from China. The fiscal year 2024 witnessed iPhone production exceeding Rs 1 lakh crore, with 70 percent of the output earmarked for export and boasting a total market value of Rs 1.6 lakh crore.

Luca Maestri, Apple's Senior Vice President and Chief Financial Officer, also highlighted the company's success, mentioning first-half revenue records set in various countries, including India. The Apple ecosystem in India has contributed to significant employment, with over 1.5 lakh individuals employed across the ecosystem.