Google India reported 24 percent increase in net profits at Rs 5,862 million for the year ended March 31, 2020. It had reported a net profit of Rs 4,728 million in FY19.
Revenues grew 35 percent for the year to Rs 53,847 million in FY20 compared to RS 39,928 million in the previous year, according to financial data accessed by business intelligence platform, Tofler.
For the technology giant, Information Technology services accounted for about 41 percent of the revenue followed by ITeS services at 32 percent. Advertising revenue stood at 27 percent of the overall revenue.
At the back of COVID-19, the company said in the filing, it would be tough to predict the future impact of the current economic situation, which is uncertain. However it will continue to closely monitor any material changes to future economic conditions, it added.
For the period, the company offered Rs 1,900 million as loan to Google Connect Services India Private Limited, its subsidiary. The company, formerly called Mahataa Information India Private Limited, provided WiFi services in railway station in partnership with RailTel.
RailTel had entered into five year contract with Google to provide WiFi services for 415 stations. The contract is ending in May 2020. While Google will end discontinue the programme this year, RailTel will continue its services, according to reports.
However not all is rosy for the tech giant in India.
The company is currently facing anti-trust probe by the Competition Commission of India over its payment service Google Pay. The Indian anti-trust watchdog is investigating the claims of anti-competitive practices with regards to its payment service Google Pay.
Recently the company announced that it would enforce 30 percent commission on in-app services, which was opposed by the Indian startup system. This is now delayed till March 2022.