Facebook reports 84% jump in net profit for India at Rs 105 crore for fiscal 2019

NEW DELHI: Social media giant Facebook has reported revenues of Rs 892 crore, compared to revenues of Rs 521 crore, a 71% jump in revenues and a net profit of Rs 105 crore, up 84% from last fiscal for fiscal year ended 31 March 2019, documents filed with the registrar of companies (RoC) show. The company had reported a net profit of Rs 57 crore for fiscal 2018.

People familiar with developments at the company are attributing the rise in revenues and profit to a shift to the local selling structure for its ads model in October 2018. This meant ad revenue previously recorded in Dublin started getting recorded in India. Consequently, the company has six months of ad revenue reflecting in its P&L for fiscal 2019.