Apple India net profit up 21%, revenues up 54% in FY16

Apple India posted a 21% jump in its net profit to Rs 294 crore in FY16; its revenue was up 54% at Rs 9,997 crore, according to data available on Tofler. Apple India is a wholly-owned subsidiary of Apple Operations International.

According to a report in The Financial Express, employee benefit expenses rose 25% at Rs 85 crore in the financial year-ended March 2016 and spends on advertising nearly doubled to Rs 140 crore.

The report quoted Market monitor service, by market research firm Counterpoint, saying smartphone shipments in India grew 18% in the 2016 calender year compared to the global smartphone market which grew only 3%. 

According to Tofler, the networth of Apple India was Rs 1,264 crore as of March 31, 2016.