$Apple(AAPL)$ Apple reportedly hit over $10 billion in annual sales in India for the first time, driven by demand and retail expansion. Revenue grew at a double-digit percentage rate in the 12 months through March, up from about $9 billion a year earlier, according to the article citing a person familiar with the numbers. Most of the sales were driven by the iPhone, while demand for iPads and MacBooks also picked up. Apple has not confirmed the reported total.
Apple's business in India is still relatively tiny compared with its global operations, but its relevance is growing as the company hunts for demand outside the U.S. and China. It currently has six official stores in India, after establishing another one in Mumbai in February. The country is also becoming a center for its supply chain, with five plants making iPhones. The research says India is now the main production source for smartphones delivered to the U.S. and almost one in every four iPhones are currently built in the country. The expansion might minimize Apple's reliance on China while providing it more exposure to a vast and expanding consumer market. Investors will next look to see whether India's sales surge will translate into a larger share of Apple's global revenue.
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