Facebook India’s net profit up 43 pc to Rs 505 crore in FY24 [Video]

Facebook India saw its profit surge by 43 per cent in the last fiscal (FY24), riding on digital advertising and support services offered to its parent company Meta in the US.

The company’s India unit saw its net profit reach Rs 505 crore last fiscal. Its revenue from operations increase by 9.3 per cent to Rs 3,034.8 crore in FY24, up from Rs 2,775.7 crore in FY23, as per data from the Registrar of Companies (RoC).

Facebook India’s overall expenses grew 2.4 per cent to Rs 2,349.6 crore and employee benefit expenses increased to Rs 476.1 crore, reflecting a 7.8 per cent increase from FY23.

The “other expenses” category remained stable at Rs 1435.3 crore.

As per the data, depreciation and amortisation costs dropped by 10.8 per cent to Rs 271.3 crore, from Rs 304.2 crore in FY23.

On the other hand, Facebook India’s parent company reported weaker-than-expected user numbers and warned of a significant acceleration in …