Google India’s revenue jumps 26% amid digital advertising boom

Google India reported a 26% revenue increase for the fiscal year ending March 2024 (FY24), reaching Rs 5,921.1 crore compared to Rs 4,700 crore in FY23. This growth was largely driven by a surge in digital advertising as more businesses embraced online platforms, coupled with increased sales of Google’s enterprise products in India, making it Google’s largest market by user base.

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The tech giant’s gross advertising revenue rose 11.3% year-on-year (YoY) to Rs 31,221 crore, while net advertising sales were up 18% to Rs 2,743.4 crore, compared to Rs 2,323.1 crore the previous year. Google India’s revenue from operations saw a 22.5% increase, amounting to Rs 5,518.1 crore.

Although net profit experienced a modest growth of 6%, reaching Rs 1,424.9 crore in FY24 from Rs 1,342.5 crore in FY23, profit from continuing operations surged by 60% to Rs 1,294.4 crore, up from Rs 811.3 crore. Meanwhile, profits from discontinued operations, including Google’s IT business, plummeted by 76% to Rs 130.5 crore. This decline reflects the transfer of the IT business to Google IT Services India Private Limited, finalized in June 2023 after approval from the National Company Law Tribunal in May.

This reorganization and significant ad revenue growth underscore Google’s expanding foothold in India’s digital economy, despite challenges in its discontinued operations.