New Delhi, Oct 29 (IANS): Apple's revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 per cent to Rs 49,321 crore and net profit rising 76 per cent to Rs 2,229 crore.

It is the fastest growth of net profit for Apple in India in the last five years, according to the Economic Times, citing information from Apple's Registrar of Companies (RoC).

According to RoC filings, Apple India generates 94.6 per cent of its revenue from sales of products and 5.4 per cent from maintenance and services.

Despite contributing around 30 per cent of its global sales to its services business, Apple is yet to scale up its operations in India, the report mentioned.

Meanwhile, India saw mobile phones exports worth $5.5 billion (over Rs 45,000 crore) in the April-August period in the ongoing fiscal year (FY24), according to government and industry data.

As per estimates by the Department of Commerce and the India Cellular and Electronics Association (ICEA), accessed by IANS, the April-August period saw mobile phone exports worth $5.5 billion, against $3 billion (about Rs 25,000 crore) in the same period in FY22-23.

According to industry sources, Apple led the India-made phone exports in the April-August period, surpassing more than 50 per cent of the total estimated figure for the first time, followed by Samsung.

In the June quarter, Apple shipped nearly 50 per cent of the country's total 12 million smartphone shipments, as compared to Samsung's 45 per cent export, sources told IANS.