Apple’s revenue in India hits $1 billion for the fiscal year 2014-15

Tech giant Apple has started taking the Indian market quite seriously now as it is turning out to be one of the fastest emerging markets. The company has reportedly achieved $1 billion in revenue for the fiscal year 2014-15.

Sources close to Times of India have said that the company is close to filing the final results with the ministry of corporate affairs (MCA). Apple has said to have touched $1 billion in revenue in India in the financial year ended March 31, 2015. This is an increase of over 40 percent from the year before. It is also three times more than what it did three years ago in 2011-12. A report by Cybermedia Research suggests that Apple sold off a substantial 1.3 million phones in 2014-15 compared to 9.28 lakh it sold in the previous fiscal, representing a growth rate of 42 percent.

The reason for this significant growth comes from the recently launched devices – iPhone 6, iPhone 6 Plus. Despite the high price point, the company has been able to perform well due to easy financing options available to most consumers.

The report by Times of India added that Apple has been aggressively marketing in India in the past few years. To increase adoption in the price-sensitive market, Apple has also introduced easy financing options that has helped its sales.

Apple’s outlook towards the Indian market has been changing since the past few years. An earlier report points out how Apple is finalising plans to strengthen its presence in India by setting up 500 stores in the country and focusing on smaller towns and cities. The iPhone 6 has been a massive success in developed countries, which has put Apple on course for a record quarter. Apple ranks number one in terms of the overall smartphone market share both in the US and UK.

Apple has also had a massive success in China. According to Kantar Worldpanel, the iPhone 6 continued to be the top-selling smartphone in urban China during the three months ending in February, as it claimed 10.2 percent of the market, up from 9.5 percent in the three months ending in January. In second place was the Xiaomi Redmi Note and in third place, followed Apple’s iPhone 6 Plus.

Even though India contributes a mere 1 percent in terms of overall global sales for Apple, the country is becoming one of the key markets for the company.