Facebook India's advertisement unit sees FY24 profit grow 43% to Rs 505 crore

Social media major Meta's advertisement unit, Facebook India Online Services, has posted a 43% growth in profit to Rs 504.9 crore in the financial year ended on March 31, 2024, according to documents shared by Tofler. The company had posted a profit of Rs 352.91 crore in FY2023.

Facebook India Online Services Private Limited is engaged in the business of selling advertising inventory to customers in India and providing IT-enabled support services and design support services to Meta Platforms Inc.

The company reported a 9.33% increase in turnover to Rs 3,034.82 crore in FY24 against Rs 2,775.78 crore in FY23.

"The company's total expenses for the fiscal were reported as Rs 2,350 crore," Tofler said in a report.