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The disruption caused by Chinese smartphone makers in the Indian market has even taken a toll on the revenues of high-end iconic US brand Apple.

According to data available with the Registrar of Companies under the Indian Ministry of Corporate Affairs, Apple India posted Rs 116.18 billion (US$ 1.80 billion) revenue during 2016-17. The firm’s topline grew 17% over the previous year’s Rs 99.37 billion (US$ 1.54 billion) turnover, but the rate was lowest in the past six years, reports Business Standard.

During 2015-16, Apple’s sales grew by over 53% year-on-year.

While older generations of iPhones like the 5 and 6 series are now available at high discounts and are driving volumes, per unit revenue has come down.

Last year’s demonetisation also affected sales during the peak season for iPhone and MacBook, impacting transactions at the retail level for months.

However, Apple is betting big on Indian market and has begun sourcing iPhones locally. It had joined hands with Taiwanese manufacturer Wistron Corp for local assemblage and manufacture of iPhone SE in India. It is also looking to set up exclusive retail stores in metro cities.