Apple sets record March quarter revenue in India, CEO Tim Cook sees ‘huge opportunity’

The CEO acknowledged that Apple was “underpenetrated” in the Indian market

Apple CEO Tim Cook on Tuesday said that the company is strengthening its local presence in India; and that it considers India a huge market.

The CEO acknowledged that Apple was “underpenetrated” in the market and looks at India as a huge opportunity, NDTV reported.

“We set a new March quarter record for India, where revenue grew by strong double digits. We continue to strengthen our local presence across the entire ecosystem, and we’re very optimistic about our future in this remarkable country with its very large, young, and tech-savvy population, fast-growing economy, and improving 4G network infrastructure,” NDTV quoted Cook answering questions in the second quarter earnings call.

“We agree that we are underpenetrated there. Our growth rates are good, really good by most people’s expectations, maybe not mine as much. And so we’re putting a lot of energy in, just like we have in other (geographies) that eventually wound up producing more and more. So I’m very excited about it,” he said.

Cook, who was in India last year, said that Apple had set a new March quarter record for India, where revenue grew by strong double digits. He said the company has been “investing quite a bit” and is putting a “lot of energy” in India.

“We believe, particularly now that the 4G infrastructure is going in the country and is continuing to be expanded, that there is a huge opportunity for Apple there. And so that and the demographics of the country is why we’re putting so much energy there,” Cook said.

Apple is all set to start operations at its iPhone assembly unit in Bengaluru as the company inaugurated its first developer centre in the city in early April. The company also plans to bring Apple stores to India, Cook confirmed.

“The 4G network investment really began rolling in a significant way toward the last quarter of last year. But they are moving fast. They’re moving at a speed that I have not seen in any other country in the world they were started, and it is truly impressive,” he added.