Google India net profit up by 6.1% for FY 24, major growth in IT services
Google India posted a 6.1 per cent rise in net profit for the fiscal year ending March 2024, reaching ₹1,424.9 crore, up from ₹1,342.5 crore the previous year.
The company’s total income stood at ₹7,097.5 crore, with ₹5,921.1 crore from ongoing operations and ₹1,176.4 crore from discontinued operations, as per Tofler data.
A notable increase in “other income” was recorded, which surged by 106 per cent to ₹403 crore from ₹195 crore in FY23. Total expenses for the year rose by 16 p, totaling ₹4,184 crore.
ALSO READ- ‘Routine business matter’: Zomato responds to outrage over sudden ‘festive season platform fee’
Revenue from IT-enabled services grew 16%
Google India’s revenue sources include advertising, IT-enabled services, and enterprise products. Revenue from IT-enabled services grew 16 per cent to ₹2,389 crore, while enterprise product revenue saw a significant 57 per cent jump to ₹174 crore.
During 2020-2021, Google India had filed an application with the National Company Law Tribunal (NCLT) for demerger of the IT business undertaking of the company with Google IT Services India Pvt Ltd.
“During FY 2023-2024, the scheme of arrangement was approved by the NCLT vide order dated May 25, 2023 and scheme was given effect from 30th June 2023 in the financial statements,” Google said in the regulatory filing.
ALSO READ- Most Indian firms say sanctions by US unlikely to have an impact
Upon approval of the scheme of arrangement, the IT business undertakings of Google India were transferred to and vested with Google IT Services India Pvt Ltd with effect from April 1, 2021.
ALSO READ- HDFC Bank’s arm HDB files for ₹12,500 crore IPO
“Google India Private Limited, reported its revenues for the financial year 2023-24 as ₹5,921 crore, a 26 per cent jump since the last financial year. The company further reported a net profit of ₹1,425 crore during the same fiscal. This is a 6 per cent increase from the last financial year. The company’s total expenses for the fiscal were reported as ₹4,184 crore,” the Tofler report said.
