News on Medial

X’s Indian subsidiary sees 90% plunge in FY24 revenue, profit as ad business falters

YourStory · 4m

Twitter Communications India Private Limited, an Indian subsidiary of X (previously Twitter), experienced a significant decline in revenue and profit for the fiscal year ending in March 2024, mainly due to a decrease in its ads business. The company's net profit dropped by about 90%, from Rs 30.5 crore in the previous year to Rs 3.2 crore in FY24. Operating revenue also saw a steep decline, falling from Rs 207.7 crore to Rs 21.2 crore. The company provides support services to Twitter group companies and reported a decrease in revenue from marketing support, research and development, and user support services. Expenses decreased by 88.9% in FY24. Twitter India's net worth increased to Rs 61 crore during that period.