Google India reportedly posted an 11% rise in gross advertising revenue for the fiscal year ending March 2024, reaching ₹31,221 crore, up from ₹28,040 crore in FY23, according to filings with the Registrar of Companies (RoC). The company also paid ₹28,477 crore to Google Asia Pacific for the purchase of ad space, marking an 11% increase from ₹25,717 crore the previous year.
The company’s net advertising revenue saw a significant boost of 18%, rising to ₹2,743 crore in FY24. The company benefits from its portfolio of products, including Google Search, YouTube, Google Maps, Chrome, and the Play Store.
The company’s enterprise products also experienced strong growth, with gross sales rising by 35% to ₹1,551 crore. Payments to Google Asia Pacific for services related to these products increased by 34%, totalling ₹1,396 crore. Net revenue from enterprise products saw a 40% jump, reaching ₹155 crore.
However, its total income from both continuing and discontinued operations fell by 25%, amounting to ₹7,097 crore. Despite this drop, the company’s total expenditure decreased by 32% to ₹5,186 crore, while net profit rose by over 6%, reaching ₹1,424 crore.
Income from continuing operations grew by 26%, totalling ₹5,921 crore, while income from discontinued operations plummeted by 75%, down to ₹1,176 crore. Net profit from continuing operations surged by 60% to ₹1,294 crore, while profits from discontinued operations dropped 76% to ₹130 crore.
In line with corporate restructuring, the company demerged its IT business, transferring operations to Google IT Services India. The National Company Law Tribunal (NCLT) approved the scheme in May 2023, with the transfer effective from April 1, 2021.
Additionally, in March 2024, Google India entered into a bilateral advance pricing agreement (BAPA) with the Central Board of Direct Taxes (CBDT), which establishes arm’s length pricing for transactions involving ad space and enterprise products from Google Asia Pacific. As a result of the agreement, Google India recognised additional income of ₹229 crore for FY17 to FY23, which has been reported for tax purposes.
