In the fiscal year 2024 (FY24), Facebook India reported a strong profit increase of 43%, driven by its digital advertising and support services for its parent company, Meta. The company’s net profit reached Rs 505 crore in FY24, showing the positive impact of growing digital ad revenues.
Facebook India’s revenue from operations grew by 9.3% to Rs 3,034.8 crore in FY24, compared to Rs 2,775.7 crore in FY23, according to data from the Registrar of Companies (RoC). This increase highlights Facebook India’s ongoing success in the digital advertising market, which has significantly contributed to its overall earnings.
Expenses and Employee Benefits
The company’s total expenses saw a modest rise of 2.4% to Rs 2,349.6 crore in FY24, while employee benefit expenses rose by 7.8%, reaching Rs 476.1 crore. This increase in employee costs reflects Facebook India’s commitment to talent investment and operational growth in the region. Meanwhile, the “other expenses” category remained stable at Rs 1,435.3 crore, indicating controlled operational spending.
Decline in Depreciation Costs
A positive trend was observed in depreciation and amortisation costs, which dropped by 10.8% to Rs 271.3 crore in FY24, down from Rs 304.2 crore in FY23. This reduction likely resulted from more efficient use of assets or reduced investment in depreciable assets in India.
Global Performance and Investment in AI
In contrast to Facebook India profit, Meta reported slightly slower-than-expected user growth in its latest quarter and forecasted higher infrastructure expenses for 2025. Meta’s third-quarter revenue reached $40.59 billion, a 19% year-on-year increase, while its net income rose 35% to $15.7 billion.
Meta reported 3.29 billion daily active users globally, an increase of 5% year-on-year. The company has also revised its capital expenditure guidance for 2024 to between $38 billion and $40 billion, with a further rise expected in 2025 to support infrastructure demands.
Meta’s CEO, Mark Zuckerberg, attributed recent success to advancements in AI across its apps and services, including Meta AI and Llama. He emphasized the continued need for substantial investment in AI infrastructure to support the growing demand for AI-driven features like AI-powered glasses.
