Chennai-headquartered business software firm Zoho has witnessed more than two-fold jump in net profit during the financial year ended March 2021, at a time when the Covid-19 pandemic has led to a surge in the software spends due to growing adoption for remote work.
The bootstrapped firm posted a profit of Rs 1,918 crore in FY21, as compared to Rs 800.8 crore in FY20, according to Entrackr.
This was partly due to a significant reduction in its advertising costs to Rs 334.7 crore for the financial year, as compared to Rs 1,205 crore in the preceding year. The employee benefit expenses, however, increased by 58.4% to Rs 1,725 crore For FY21 from Rs 1,089 crore in FY20.
The company's operational revenue grew by 22.3% to Rs 5,230 crore during FY21 from Rs 4,274 crore in FY20, it said. The United States continued to be its biggest market with 42.7% share while India was among its smallest markets with about 4.7% share.
In January, Zoho launched Zillum, a communication and collaboration platform for families, where they can email, message and collaborate effectively. Currently in beta stage, the platform includes apps for email, instant messaging, file creation and storage, password management, and schedule tracking among others.
The company had also introduced new apps and services to its suite of business applications Zoho One, along with several platform enhancements in October last year.At the time, Zoho had said these launches are designed to support a hybrid work model and experience that would enable businesses to scale even in unpredictable times while allowing easy customisation and personalisation of workplaces to improve the user experience.