New Delhi, Nov 2 (IANS) – Facebook India reported a robust 43% increase in net profit for FY24, reaching Rs 505 crore, driven by strong gains in digital advertising revenue and support services for Meta, its parent company in the U.S. Revenue from operations grew by 9.3% to Rs 3, 034.8 crore, up from Rs 2, 775.7 crore in FY23, according to filings with the Registrar of Companies (RoC).
Operating expenses also saw a modest increase, rising by 2.4% to Rs 2, 349.6 crore, with employee benefit expenses contributing Rs 476.1 crore—up by 7.8% from FY23. Despite a rise in expenses, depreciation and amortization costs decreased by 10.8% to Rs 271.3 crore, reflecting cost management efforts.
While Facebook India enjoyed profitable growth, Meta’s global operations are navigating heightened infrastructure costs, expected to accelerate in 2025. Meta recently reported a revenue increase of 19% year-over-year for its Q3, reaching $40.59 billion, with net income rising by 35% to $15.7 billion. The company also noted a 5% increase in daily active users, reaching 3.29 billion across its platforms.
Meta’s CEO Mark Zuckerberg emphasized the company’s commitment to AI developments, highlighting Meta AI and Llama’s adoption, as well as their integration into new products, including AI-powered smart glasses.
Meta also adjusted its capital expenditure projections for FY24 to $38-40 billion, up from a previous range of $37-40 billion, signaling a sustained focus on infrastructure investments required to support its AI and user experience improvements.