New Delhi: Since its launch, the Apple iPhone 7 has kept the markets overwhelmed with its ultra-modern functionalities. The phone might not have a headphone jack but it’s still the most expensive iPhone than the models that were launched earlier.

The total manufacturing cost of an entry-level iPhone 7, a model with a 4.7-inch screen and 32 GB of storage, is $224.80 (approx Rs 15,000).

According to research firm IHS Markit, the total bill of materials, or cost of the iPhone 7’s components, add up to $219.80. The company estimates that actually building the iPhone 7 costs Apple $5, bringing its total manufacturing cost to $224.80.

However, the market price of the phone is $ 649 (Rs 60,000) which is four times greater than the manufacturing price.

Senior director of cost benchmarking services for IHS Markit said in a statement that the material costs are higher this time than in the past.

“All other things being equal, Apple still makes more margins from hardware than Samsung, but materials costs are higher than in the past.”

Apple launched its iPhone 7 and 7 plus last week in San Francisco.

The iPhone 7 and iPhone 7 Plus is available in 32GB, 128GB and 256GB models, starting at Rs 60,000 in four new colours —silver, gold, rose gold and the new black finish (jet black).

The pre-orders began on September 9 for iPhone 7 and 7 Plus and the shipping started from September 16, first in 25 countries and other countries a week later.

All iPhone 7 and iPhone 7 Plus models include EarPods with “Lightning Connector” and a Lightning to 3.5 mm Headphone Jack Adapter, also sold separately for Rs 2,500 and Rs 900, respectively.