Google India net profit up by 6.1% for FY 24, major growth in IT services

Google India's total income hits ₹7,097.5 crore, total expenses rise by 16 per cent in FY 2024

Published on: Nov 2, 2024, 16:05:30 IST

By HT News Desk

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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.

Audience members gather at Made By Google for new product announcements at Google on Aug. 13, 2024, in Mountain View, Calif. (AP)

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.

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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.

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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.

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"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.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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