Facebook India Hits Profit Milestone with 43% Growth

Facebook India Online Services, part of Meta, recorded a profit surge of 43% to Rs 504.9 crore in FY24, up from Rs 352.91 crore in FY23. The company's turnover increased by 9.33% to Rs 3,034.82 crore. Total expenses were reported at Rs 2,350 crore.

In a robust financial performance, Meta's division Facebook India Online Services reported a remarkable profit growth of 43% in the fiscal year ending March 2024. Documents from Tofler highlighted the company's profit rise to Rs 504.9 crore, compared to Rs 352.91 crore in FY2023.

The company operates by selling advertising inventory in India while providing essential IT and design support services to its parent, Meta Platforms Inc. Alongside profit growth, Facebook India witnessed a 9.33% increase in turnover, reaching Rs 3,034.82 crore, up from Rs 2,775.78 crore in the previous year.

Despite the uptick in profits and turnover, the firm reported total expenses of Rs 2,350 crore for the fiscal year, as per Tofler's report. This financial achievement underscores the subsidiary's growing influence in the Indian advertising sector.

(With inputs from agencies.)