Google India sees 26% revenue growth in FY24, digital advertising grows

Google India reported a 26% rise in its revenue for the financial year ended March 2024 (FY24) at Rs 5,921.1 crore, compared to the tech major’s revenue of Rs 4,700 crore in the previous fiscal year (FY23).

The company said this growth was driven by robust growth seen in digital advertising in India as digital adoption increased in the country, Moneycontrol reported. Moreover, an increase in sales of the company’s enterprise products in India also contributed to the revenue growth.

However, the tech giant disclosed that the revenue data did not include the company’s income from discontinued operations of Rs 1,176 crore during the fiscal under review. The company’s discontinued operations included the results of Google’s IT business, which was transferred to Google IT Services India Private Limited last year on June 30.

Its income from operations grew by 22.5% to Rs 5,518.1 crore in FY24 from Rs 4,504.7 crore in the previous year.

The company recorded a net profit of 1,424.9 million lei in the analyzed period, up 6% compared to 1,342.5 million lei recorded in the period a year ago.

The company’s gross advertising revenue rose to Rs 31,221 crore in FY24, up 11.3% from Rs 28,040 crore reported a year earlier. Meanwhile, net advertising sales stood at Rs 2,734.4 crore compared to Rs 2,323.1 crore on a year-on-year (YoY) basis.

Gross sales from the company’s products grew by 35% to Rs 1,551.9 crore in the fiscal year under review from Rs 1,152.5 crore in the previous fiscal. Net sales grew 40% to Rs 155.4 crore in FY24 compared to Rs 111.2 crore seen a year earlier. This included sales from the company’s cloud computing, collaboration and productivity tools such as Gmail, Google Docs, etc.