Social media giant Facebook India’s revenues grew 43 per cent year-on-year to about Rs 1,277.3 crore in 2019-20, when its net profit a lot more than doubled to Rs 135.7 crore, as per regulatory documents.
Its total revenue was Rs 893.4 crore in the monetary year ended March 31, 2019, according to Registrar of Companies filing – shared by marketplace intelligence firm Tofler.
The net profit improved by more than 107 per cent to Rs 135.7 crore in FY20 as compared to Rs 65.3 crore in the preceding fiscal, it added.
When contacted, a Facebook spokesperson stated India is an critical marketplace for the corporation.
“…we are deeply committed to being an ally in the country’s socio-economic transformation. We will continue to invest in our India operations while working with small and large businesses to help in their economic recovery post the pandemic,” the spokesperson added.
In November, tech giant Google had produced a equivalent filing that showed its revenues from India had grown 34.8 per cent to about Rs 5,593.8 crore in 2019-20 more than the preceding monetary year. Its net profit was greater by about 23.9 per cent at Rs 586.2 crore in FY20.
Facebook India acts as a non-exclusive reseller of marketing inventory to shoppers in India. It also gives IT/ITeS, marketing and advertising and other assistance services to the Facebook group.
According to the filing, Facebook’s employee advantage expense grew 63.3 per cent to Rs 299.3 crore in FY20 from Rs 183.2 crore in the preceding fiscal.
The corporation paid an equalisation levy of Rs 369.5 crore in the fiscal beneath assessment as against a payment of Rs 118.2 crore in the fiscal ended March 2019. The Indian government charges a 6 per cent equalisation tax on gross payment received by international digital businesses from Indian residents for on the internet marketing.
Google India paid an equalisation levy of Rs 611.1 crore in FY20.
India is amongst the greatest markets for Facebook, which also operates photo-sharing platform Instagram and messaging app WhatsApp. Around 2.5 billion individuals globally use Facebook’s family members of apps every day, when there are more than 10 million active advertisers across its services.