Google India’s net profit rises over 6 pc in FY24

New Delhi, Nov 2 (IANS) Google India has posted 6.1 per cent net profit to Rs 1,424.9 crore in the fiscal year ending March 2024, compared to previous fiscal year’s (FY23) net profit at Rs 1,342.5 crore.

The company's total income was Rs 7,097.5 crore for FY24, comprising Rs 5,921.1 crore from ongoing operations and an additional Rs 1,176.4 crore from discontinued operations, according to data by business intelligence platform Tofler.

Google India’s other income rose to Rs 403 crore, a 106 per cent surge over Rs 195 crore in FY23.

The tech company reported total expenses at Rs 4,184 crore in FY24, reflecting a 16 per cent increase from Rs 3,609.4 crore in FY23.

Google India generates revenue from advertising, IT-enabled services, and enterprise products.

Revenue from IT-enabled services increased by 16 per cent to Rs 2,389 crore in FY24, as per the data. Revenue from enterprise products grew 57 per cent to Rs 174 crore in FY24 from Rs 111 crore in FY23.

According to the data, the income from continuing operations showed a robust 26 per cent increase over the previous year, reflecting strong growth in Google India's business activities.

A new Google report said recently that AI is set to play a crucial role in delivering the target of a $1 trillion digital economy by 2028, about 20 per cent of India’s GDP, and the country can maximise AI's potential to boost economic growth, drive inclusive progress and help it emerge as a global leader in public services.

The Google-commissioned report estimated that at least Rs 33.8 lakh crore of economic value from AI adoption can be achieved in India in 2030. “AI is already addressing some of the nation's most pressing challenges, from revolutionising farming practices to improving healthcare access and outcomes,” said the report.

Google in India has a clear goal to empower 10 million people with AI digital literacy including students, job seekers, educators, startups and developers and civil officials, and offer technical knowledge to help contribute towards building an AI-ready workforce.