The year 2020 has brought many economic challenges globally. From MNCs to startups, each has suffered substantial losses. However, the financial year 2019-2020 has proven to some of the big names like Google & Facebook.
As reported by Economic Times, tech giant Google saw its India revenues grow 34.8 percent to about Rs 5,593.8 crore in 2019-20 over the previous financial year, as per regulatory documents. According to a Registrar of Companies filing shared by market intelligence firm Tofler, Google India’s total income was at Rs 4,147 crore in the financial year 2019-20.
The net profit was higher by about 23.9 percent at Rs 586.2 crore in FY20 as compared to Rs 472.8 crore in the preceding fiscal, it added.
A Google India spokesperson said: “In the FY19-20 financial year, Google India made a pre-tax profit of Rs 11,383 million, resulting in Rs 3,020 million of corporate income taxes payable, and invested almost Rs 4 billion in our Indian operations”.
Social media giant, Facebook India’s revenues grew 43 percent year-on-year to about Rs 1,277.3 crore in 2019-20, while its net profit more than doubled to Rs 135.7 crore, as per regulatory documents.
Its total income was Rs 893.4 crore in the financial year ended March 31, 2019, according to a Registrar of Companies filing – shared by market intelligence firm Tofler.
The net profit increased by over 107 percent to Rs 135.7 crore in FY20 as compared to Rs 65.3 crore in the preceding fiscal, it added.
As reported by Hindustan Times, a Facebook spokesperson said India is an important market for the company.
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He further added, “…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.”