| | AUGUST 20248Apple has achieved another quarterly revenue record in India for the April-June period, driven by robust local manufacturing and increased exports amid the government's production-linked incentive (PLI) scheme. Apple CEO Tim Cook announced during the company's Q3 earnings call that they have set quarterly revenue records in over two dozen countries and regions, including India, Canada, Mexico, France, Germany, the UK, Indonesia, the Philippines, and Thailand."We set an all-time revenue record in services, which grew 14 percent", Cook informed analysts.Apple's exports from India reached approximately $3.8 billion in the April-June quarter, reflecting the company's strengthened local production capabilities. Riding on the government's PLI scheme, Apple achieved a new all-time high in the Q1 FY25, according to industry data.For the June quarter, Apple reported a revenue record of $85.8 billion, a 5 percent increase from the previous year. Luca Maestri, Apple's Senior Vice President and Chief Financial Officer, highlighted that Mac revenue reached $7 billion, up 2 percent year-over-year, driven by the MacBook Air powered by the M3 chip. "We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia", Maestri noted.Prabhu Ram, VP of the Industry Research Group at CyberMedia Research (CMR), stated that the iPhone 15 series continued to perform well. "We believe Apple has sufficient headroom for growth in India over the upcoming quarters, with the new iPhone series and the festive season sales", Ram said.In the last fiscal year (FY24), Apple saw its sales in India reach new highs amid increased manufacturing and a growing trend towards premium products. The tech giant reported approximately $8 billion in sales in India for FY24, marking a nearly 33 percent year-on-year surge.Industry estimates suggest that iPhone shipments are projected to increase by over 20 percent this year, supported by domestic manufacturing and strong distribution networks. India's electronics sector has experienced rapid growth, reaching $155 billion in FY23. Adani Enterprises Limited (AEL), the flagship firm of the Adani Group, has announced that its board has sanctioned the demerger of its food and fast-moving consumer goods (FMCG) divisions. These sectors will now merge into Adani Wilmar, a joint venture established between the Adani Group and Singapore-based Wilmar Group.The demerger will result in a decrease in the promoter's stake in Adani Wilmar, aligning with Securities and Exchange Board of India (Sebi) regulations. Presently, AEL holds a 43.94 percent stake in Adani Wilmar through Adani Commodities, which will be transferred to current public shareholders of Adani Wilmar. Under the arrangement, AEL shareholders will receive 251 shares of Adani Wilmar for every 500 shares they hold. The record date for this transaction is yet to be disclosed.This move is part of AEL's strategy to incubate and subsequently demerge businesses once they become self-sufficient and well-established. AEL has previously demerged businesses such as Adani Green Energy and Adani Energy Solutions (formerly Adani Transmission).Post-demerger, the promoter's stake in Adani Wilmar will drop from 87.87 percent to 76.76 percent, while public shareholding will increase from 12.13 percent to 23.24 percent. Sebi guidelines require large companies to have at least 25 percent of their shares available to the public within three years of listing. Adani Wilmar, listed in February 2022, has until February next year to meet this requirement.Additionally, Adani Wilmar will no longer be a joint venture of the Adani Group following the demerger. The food and FMCG sectors of Adani Enterprises are anticipated to attract a different group of investors, strategic partners, lenders, and other stakeholders. The demerger aims to enhance the focus on the operation of the food and FMCG businesses and restructure these divisions into Adani Wilmar.Adani Enterprises emphasized that the demerger would unlock direct value for its shareholders and create opportunities for independent growth and collaboration. APPLE SETS ANOTHER QUARTERLY REVENUE RECORD IN INDIA: TIM COOKADANI ENTERPRISES APPROVES DEMERGER OF FOOD & FMCG DIVISIONSIN FOCUSIN FOCUS
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