Google India posted net profit of 6.1 per cent at Rs 1,424.9 cr in the fiscal year concluded March 2024 as opposed to Rs 1,342.5 crore at FY23. Data taken from business intelligence firm Tofler indicates total revenue for the company comes out at Rs 7,097.5 crore through the continuing operations at FY24.
The company recorded further revenue of Rs 1,176.4 crores from discontinued operations during the fiscal year under reference.
Other income of Google India saw a 106 per cent increase to Rs 403 crore, as against Rs 195 crore in FY23. Total expenses for FY24 were recorded at Rs 4,184 crore, showing an increase of 16 per cent on the FY23 figure at Rs 3,609.4 crore. Google generates its revenues in India, mainly through advertisements, and also IT-enabled services and enterprise products.
Revenue from IT-enabled services stood at Rs 2,389 crore in FY24 as compared to Rs 2,065 crore in the same period last year and surged by 16%. While revenue from enterprise products moved up 57% year-on-year to Rs 174 crore in FY24 from Rs 111 crore in FY23. Continuing operations income rose 26 per cent year-over-year on the back of excellent performance in Google India business.
A new Google report said recently that AI is going 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 maximize AI's potential to boost economic growth, drive inclusive progress and help it emerge as a global leader in public services. Google commissioned a report that stated that AI adoption in India can bring in at least Rs 33.8 lakh crore of economic value in the year 2030.
AI is already meeting a number of the nation's great challenges, from changing agricultural practices to improving health and healthcare access and delivery said the report. Google in India has a clear aim, which is to provide an AI digital literacy programme targeting 10 million users -- students, job seekers, educators, startups and developers as well as civil officers with technical know-how toward assisting in developing an AI ready workforce.
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