Meta's India revenue up 16% to Rs 1,485 crore in FY21; net profit dips

Photo: Bloomberg and AP

Meta's (formerly Facebook) total income in India grew 16 per cent year-on-year to about Rs 1,485 crore in 2020-21, while its net profit dipped 6 per cent to Rs 128 crore, as per regulatory documents.

Its gross ad revenue saw a 41 per cent jump to Rs 9,326 crore for the fiscal ended March 2021, as per a filing with the Registrar of Companies, showed.

Meta's total income in India stood at about Rs 1,277 crore, while its net profit was at Rs 136 crore in FY20.

When contacted, a Meta spokesperson said India's dramatic shift to digital continues.

"During the pandemic, we have noticed a bigger shift towards digital - not just in consumers adopting digital tools for their everyday needs, but also deeply engaging with businesses and brands online.

"As the country grappled with an extended period of lockdown, businesses - large and small - relied on digital as a medium to connect with their customers," the spokesperson said.

The spokesperson further stated: "We are now discovering that many of the changes in consumer behaviour triggered by the pandemic are here to stay and will continue to drive growth for digital advertising platforms, especially as savvy marketers make digital a central part of their strategy".

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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