Facebook's Net Profit Soars by 43% – Unveiling Fresh Opportunities for Growth!

In a stunning financial leap, India Online Services, Meta’s advertising powerhouse in India, has reported a remarkable 43% increase in net profit, reaching ₹504.9 crore in the fiscal year 2023-24. Financial insights provider Toffler has revealed this remarkable growth in recently shared financial documents, showing a sharp rise from the previous year’s ₹352.91 crore.

Facebook India, operating through Meta Platforms Inc., has solidified its influence by offering comprehensive advertising and IT-enabled services to clients across India. Its turnover soared by 9.33%, achieving ₹3,034.82 crore in the last fiscal year, up from ₹2,775.78 crore in 2022-23. While the company’s total expenditure for 2023-24 rose to ₹2,350 crore, this surge in profit and turnover signals a robust and resilient business model, even amid turbulent market conditions.

Google India Joins the Profit Parade, Climbing 6%

Not far behind, Google India is also basking in financial success. With a 6% increase in net profit, Google India reached ₹1,424.9 crore in FY 2023-24, up from ₹1,342.5 crore the previous year. According to Toffler, Google India’s total revenue in the same fiscal year stood at ₹7,097.5 crore, with ₹5,921.1 crore from current operations and ₹1,176.4 crore from discontinued operations.

Major Structural Shift Approved for Google India

In a significant organizational shift, Google India sought approval from the National Company Law Tribunal (NCLT) in 2020-21 to segregate its IT business. This proposal aimed to transfer Google’s IT business undertakings to Google IT Services India Private Limited, effective from April 1, 2021. After nearly two years, the NCLT approved this scheme of arrangement on May 25, 2023. With this change now reflected in Google India’s financial statements, the restructuring promises a streamlined approach and renewed focus on core operations.

With Facebook India and Google India showcasing such impressive growth, the giants continue to pave the way, marking new opportunities and reshaping the digital economy’s future.