Apple crosses $1 billion sales mark for the first time in India!

According to results filed with the Registrar of Companies (RoC), Apple crossed the $1-billion sales mark in Indian operations for the first time in the year ended March.

The maker of iPhones and iPads posted a 44 per cent increase in sales to Rs 6,472.89 crore from Rs 4500.35 crore and its 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. It said Apple Operations International owns 99 per cent of the Indian company and the rest by Apple Operations Europe. Apple changed its India strategy in 2011, having paid it little attention until then. The company expanded the India team four years ago and started introducing new models closer to their global launch dates.

Image credit: Indiatimes