veteran The net profit of Facebook India Online Services, the advertising unit of social media company Meta, stood at Rs 504.9 crore in the last financial year (2023-24), an increase of 43 percent. Toffler has given this information by sharing financial documents. Let us tell you that in the financial year 2022-23, the net profit of the company was Rs 352.91 crore. Facebook India Online Services Private Limited is in the business of selling advertisements to customers in India and providing IT-enabled support services and design support services to Meta Platforms Inc. The company registered a turnover of Rs 3034.82 crore in the last financial year, an increase of 9.33 percent, while in the financial year 2022-23 it was Rs 2775.78 crore. “The total expenditure of the company for the financial year 2023-24 is said to be Rs 2,350 crore,” Toffler said in the report.
Google India’s net profit increased by 6 percent
On the other hand, the net profit of leading technology company Google India increased by 6 percent to Rs 1424.9 crore in the financial year 2023-24, whereas the company’s net profit in the financial year 2022-23 was Rs 1342.5 crore. According to Toffler, Google India’s total income in the last financial year was Rs 7097.5 crore. In this, the revenue from existing operations was Rs 5921.1 crore and from closed operations was Rs 1176.4 crore.
Google India had filed an application in NCLT
In FY 2020-21, Google India had filed an application in the National Company Law Tribunal (NCLT) to demerge the company’s IT business venture into Google IT Services India Pvt Ltd. Google said in a filing to the stock market, “During the financial year 2023-2024, the scheme of arrangement was approved by the NCLT vide order dated May 25, 2023 and the scheme in the financial statements was made effective from June 30, 2023. “Following the approval of the scheme of arrangement, the IT business undertakings of Google India were transferred to Google IT Services India Private Limited with effect from April 1, 2021.
With PTI inputs
