Google India reported a 6.1% increase in net profit, reaching Rs 1,424.9 crore in the fiscal year ending March 2024 (FY24). This growth marks an improvement over the previous fiscal year (FY23), which saw a net profit of Rs 1,342.5 crore.
For FY24, Google India total profit income amounted to Rs 7,097.5 crore, comprising Rs 5,921.1 crore from ongoing operations and Rs 1,176.4 crore from discontinued operations, according to data from Tofler, a business intelligence platform. The company’s other income also saw a sharp rise, reaching Rs 403 crore, an impressive 106% increase from Rs 195 crore in FY23.
Expenses and Service Revenue
Google India’s total expenses grew by 16% to Rs 4,184 crore in FY24, up from Rs 3,609.4 crore in FY23. Google India generates revenue across advertising, IT-enabled services, and enterprise products. Specifically, revenue from IT-enabled services rose 16%, reaching Rs 2,389 crore, while enterprise product revenue surged 57% to Rs 174 crore in FY24.
Income from continuing operations recorded a robust 26% growth, showcasing strong performance across Google India’s business segments. The continued growth reflects increased demand for Google’s services and solid business expansion within India.
Role in Digital Economy
A recent Google-commissioned report highlights the potential of artificial intelligence (AI) in advancing India’s digital economy. It anticipates that AI could contribute significantly to India’s $1 trillion digital economy goal by 2028, or about 20% of the country’s GDP. The report estimates AI adoption could add at least Rs 33.8 lakh crore in economic value by 2030, driving inclusive growth in sectors like agriculture and healthcare.
Google aims to equip 10 million people in India with AI digital literacy, focusing on students, job seekers, educators, startups, developers, and civil officials. This initiative aligns with Google’s goal of building an AI-ready workforce in India, enabling the nation to leverage AI for economic and social advancement.
