Even as the tech giant Apple Inc bets big on India, around 300-odd foreign companies generated as much as $73.3 billion as revenue from the country in 2022, registering a year-on-year growth of 40 percent.
While the rupee revenue of Wilmar International jumped over four-fold to $8.3 billion during the year, the top-line of BHP Group and Saudi Arabian Mining Co has doubled during the year. The three companies along with KIA Corp account for over a fourth of the combined India revenues of the sample, data sourced from Bloomberg revealed.
While India contributed 11.2 percent to Wilmar International’s total revenue, the country generated 28 percent of Bangkok-based Italian-Thai Development’s net sales. Similarly, at $2.3 billion, New York-based Genpact garnered more than half of its revenue from India. Similarly, South Korean car maker, Kia Corporation generated about 5 percent of its revenue from India. The company sold 251,000 units in 2022 (wholesale basis), up 37.5 percent from the previous year. Singapore-listed agribusiness Wilmar International Ltd, which has a joint venture with Adani Group in Adani Wilmar, reported an 11.6 percent increase in its full-year revenue and benefited from increased oil and sugar prices along with robust performances across core segments.
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Apple, which posted record revenue in India last quarter is now planning to open its first retail outlets in the country. This expansion comes after launching its online store in 2020. “India is a hugely-exciting market for us and is a major focus,” said Chief Executive Office Tim Cook during the last earnings call.
Of the 311 companies in the sample, 20 firms reported over a billion-dollar revenue from India. To be sure, the list does not include revenues generated by multinational companies such as Unilever PLC, Suzuki Motor Corp, Nestle, Siemens, etc from their India operations as these entities enjoy domicile status. Moreover, many of them follow broad-based bifurcation by grouping nations into their respective continents. The geographic classification in some other cases was divided just between domestic and international.
However, despite a decent growth in 2022, the rupee revenue is just 6.2 percent of the aggregate revenue of all companies in the sample, Bloomberg data show.
