Tech giant Apple has seen over 70 per cent fall in its net profit in India to Rs 262.27 crore, while revenues fell 19 per cent in the 2018-19 over the last financial year, as per the regulatory documents.
Apple India recorded a net profit of Rs 262.27 crore in the year ended March 2019 as against Rs 896.33 crore in 2017-18. In the preceding year, the company had posted a net profit of Rs 373.38 crore, the documents sourced by business intelligence platform Tofler showed. The Cupertino-based giant also saw its revenue from operations declining 19.2 per cent to Rs 10,538.25 crore for 2018-19 in India, which is one of the world’s largest mobile phone markets globally.
Apple India’s revenue from operations was at Rs 13,048.71 crore (in fiscal year 2018) and Rs 11,618.69 crore (in fiscal year 2017). Emails sent to Apple did not elicit a response.
Apple -which has been facing tough competition from China’s OnePlus in the Indian market — continues to place big bets on India.
