Facebook India FY 2020 revenue up 43 percent at Rs 1,277 crore, net profit doubles to Rs 135.7 crore- Technology News, Firstpost

Facebook India’s revenues grew by 43 percent year-on-year to about Rs 1,277.Three crore in 2019-20, whereas its net profit greater than doubled to Rs 135.7 crore. Its whole earnings was Rs 893.four crore within the monetary yr ending 31 March 2019, in accordance to Registrar of Companies submitting, shared by market intelligence agency Tofler. The net profit of the corporate reportedly elevated by over 107 percent to Rs 135.7 crore in FY20 (Financial Year 2020) as in contrast to Rs 65.Three crore within the previous fiscal.

In November, Google had made the same submitting that confirmed its revenues from India had grown 34.8 percent to about Rs 5,593.Eight crore in 2019-20 over the earlier monetary yr. Its net profit was larger by about 23.9 percent at Rs 586.2 crore in FY20.

(Also learn: Google India monetary yr 2019-2020 revenue rises 34.8 percent to Rs 5,593.Eight crore)

Facebook India acts as a non-exclusive reseller of promoting stock to clients in India. It additionally gives IT/ITeS (Information Technology/ Information Technology enabled Services), advertising and marketing, and different help companies to the Facebook group.

According to the submitting, Facebook’s worker advantages expense grew 63.3 percent to Rs 299.Three crore in FY20 from Rs 183.2 crore within the previous fiscal. The firm paid an equalisation levy of Rs 369.5 crore within the fiscal beneath evaluation as towards a cost of Rs 118.2 crore within the fiscal ending March 2019.

The Indian authorities prices a 6 percent equalisation tax on gross cost acquired by world digital corporations from Indian residents for internet advertising. Google India paid an equalisation levy of Rs 611.1 crore in FY20.

India is among the many greatest markets for Facebook, which operates its photo-sharing platform Instagram and messaging apps WhatsApp and Messenger, within the nation. Around 2.5 billion folks globally use Facebook’s household of apps day by day, whereas there are over 10 million energetic advertisers throughout its companies.

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