Apple has reported another quarter with record revenues from India, driven by higher iPhone sales.

“India grew in revenue terms, reporting strong double digits in the December quarter, and hit a quarter revenue record,” Tim Cook, CEO, Apple Inc, said at an analyst call post the quarter numbers.

India’s smartphone shipments remained flat in 2023 at 152 million units, according to the latest research from Counterpoint’s Monthly India Smartphone Tracker, but Apple shipments crossed the 10-million mark, helping it capture the top position in revenue for the first time ever in a calendar year.

Counterpoint Research Analyst Shubham Singh said, “The premium segment (>INR 30,000, ~ $360) witnessed 64 per cent YoY growth in 2023 driven by easy financing schemes, which resulted in consumers jumping price bands to purchase higher-priced smartphones. One out of every three smartphones was purchased through financing in 2023. Apple’s focus on India is also aiding the trend, with the brand surpassing the 10-million-unit mark in shipments, and capturing the top position in revenue in a calendar year for the first time, propelled by robust demand for both its latest and older iPhones. The opening of our own retail stores and increasing focus on LFR (large-format retail) through regular promotions, contributed to increased offline shipments. Besides, higher trade-in values presented an appealing proposition for consumers to transition to iOS.”

While Apple has been gaining ground in India for the past year, it is still not the top smartphone company in India as far as volumes are concerned. Apple has 7 per cent market share in the world’s largest smartphone market.

However, the appetite for the latest iPhones is making India one of the fastest growing markets for the firm. Last month a report by Canalys stated that over half of the shipments of iPhones to the country in the fourth quarter of the 2023 calendar year were iPhone 15s.