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

YourStory

YourStory · 8m ago

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

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.

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CarTrade Posts INR 23.55 Cr Loss In Q3, Including OLX Auto Business

Inc42 · 1y ago

CarTrade Posts INR 23.55 Cr Loss In Q3, Including OLX Auto Business

CarTrade Technologies, the online classifieds and auto auction platform, reported a net loss of INR 23.5 Cr in Q3 FY24, mainly due to the loss in the auto sales division of OLX business that it shut down during the quarter. However, excluding the discontinued operations, CarTrade posted a net profit of INR 21.96 Cr. Its operating revenue increased by over 42% to INR 138.6 Cr in Q3 FY24. CarTrade received an average of 70 million monthly unique visitors, with more than 90% being organic.

DriveU's FY24 gross revenue climbs 50% to ₹90 crore; profit up 38%

IndianStartupNews

IndianStartupNews · 1y ago

DriveU's FY24 gross revenue climbs 50% to ₹90 crore; profit up 38%

Bengaluru-based driver-on-demand service provider DriveU has reported a 50% increase in gross revenue, reaching ₹90 crore in FY24. Additionally, the startup's gross profit rose by 38%, marking its first achievement of positive EBITDA and Profit After Tax (PAT). DriveU claims to be India's largest car driver service and a super-app for car owners.

PayU consolidated revenue reaches $1.1B in FY24; India leads growth

YourStory

YourStory · 1y ago

PayU consolidated revenue reaches $1.1B in FY24; India leads growth

PayU, owned by Prosus, reported a 22% YoY increase in consolidated revenue to $1.1 billion in FY24. The growth was driven by operations in India and Turkey, as well as India credit services. PayU's core PSP revenue from India contributed 46% to its revenue, amounting to $444 million, despite a merchant onboarding pause. However, the trading profit margin for its Indian payments business slipped to -3% in FY24 due to changes in the merchant and payment method mix. PayU's India credit segment, which offers buy-now-pay-later and personal loans, expanded its revenue by 29% to $107 million in FY24.

Zomato Q3: Blinkit Posts Second Consecutive Contribution Positive Quarter

Inc42 · 1y ago

Zomato Q3: Blinkit Posts Second Consecutive Contribution Positive Quarter

Zomato's subsidiary Blinkit, the quick commerce vertical, continued its growth and achieved contribution positive status for the second consecutive quarter. In Q3 FY24, Blinkit's revenue reached INR 644 Cr, compared to INR 301 Cr in the same period the previous year. The contribution margin as a percentage of gross order value (GOV) improved to 2.4% in Q3 FY24. Zomato also reported a quadrupled consolidated net profit of INR 138 Cr and a 68% YoY increase in operating revenue to INR 3,288 Cr in Q3 FY24.

Salesforce India profit jumps 40% to Rs 888 Cr, revenue crosses $1B

YourStory

YourStory · 8m ago

Salesforce India profit jumps 40% to Rs 888 Cr, revenue crosses $1B

Salesforce's Indian unit reported a 40% increase in net profit to Rs 888.3 crore for FY24, with revenue growing by 36% to Rs 9,116 crore. The company also announced plans to lease a 12-storey building in Bengaluru, making it the 10th city globally to have a 'Salesforce Tower'. The company's workforce in India has increased by 3,000 since January 2024 to reach 13,000 in November. Salesforce sees India as an opportunity for market growth, talent hub development, and addressing digital transformation demands. It aims to achieve 8-9% growth in global revenue to $38 billion in FY25.

Social ecommerce unicorn Dealshare sees revenue plunge 74% in FY24

YourStory

YourStory · 8m ago

Social ecommerce unicorn Dealshare sees revenue plunge 74% in FY24

Dealshare, a social ecommerce platform, reported a 74% decrease in operating revenue for FY24, reaching Rs 499.1 crore compared to Rs 1,963 crore the previous year. However, the company's losses decreased by 66% to Rs 167.2 crore in FY24. The decline in operating revenue was partly offset by reduced expenses, including lower employee benefits costs. Dealshare has undergone leadership changes, with co-founders stepping down and new executives joining. The company transitioned from an online-only model to an omnichannel approach and achieved unicorn status in January 2022.

DroneAcharya’s Net Profit Doubles To 6.2 Cr In FY24, Operating Revenue Jumps 90%

Inc42 · 1y ago

DroneAcharya’s Net Profit Doubles To 6.2 Cr In FY24, Operating Revenue Jumps 90%

Pune-based DroneAcharya Aerial Innovations reported a profit after tax of INR 6.2 Cr in FY24, nearly doubling from INR 3.42 Cr in FY23. Operating revenue rose 90% to INR 35.19 Cr, attributed to growth as a drone solutions provider and training organization. Founded in 2017 by Prateek Srivastava, DroneAcharya entered drone manufacturing in partnership with Gridbots Technologies. Total revenue, including other income, reached INR 37.35 Cr. The company expanded its drone pilot training centers and secured notable contracts with the Adani Group and the Indian Army, aiming to export drones internationally and establish a global presence.

Nazara Technologies block deal: Rakesh Jhunjhunwala linked entity sells 13 lakh shares worth Rs 159 crore

Economic Times

Economic Times · 1m ago

Nazara Technologies block deal: Rakesh Jhunjhunwala linked entity sells 13 lakh shares worth Rs 159 crore

Rakesh Jhunjhunwala’s estate sold 13 lakh shares of Nazara Technologies worth ₹159 crore in a block deal, valued at Rs 1,225.19 each, slightly below the previous closing price. Post-sale, Nazara's shares surged to a new high, indicating strong investor confidence. The company, operating in gaming, esports, and ad-tech, reported a 90% year-on-year profit growth for Q4FY25 and a 95% revenue increase. Nazara has outpaced the Nifty, delivering significant returns over the year.

Alphabet quarterly earnings lifted by cloud and AI

Economic Times

Economic Times · 2m ago

Alphabet quarterly earnings lifted by cloud and AI

Alphabet, Google's parent company, reported a quarterly profit of $34.5 billion, driven by cloud computing and AI operations. Overall, revenue rose 12% to $90.2 billion, with cloud revenue up 28% to $12.3 billion. CEO Sundar Pichai highlighted strong business growth and AI advancements. However, Google faces antitrust challenges, potentially impacting its online ad business and future investments. Legal battles may necessitate significant structural changes, including a possible Chrome spinoff, amid concerns over monopolistic practices.

Google parent Alphabet beats quarterly revenue estimates

Economic Times

Economic Times · 8m ago

Google parent Alphabet beats quarterly revenue estimates

Alphabet, the parent company of Google, reported better-than-expected third-quarter revenue thanks to strong growth in its digital advertising business and increased demand for its cloud services. Digital ad sales rose to $65.85 billion, while revenue from Google's cloud platform reached $11.35 billion, surpassing analysts' estimates. The company's profit of $2.12 per share also exceeded expectations. Overall, Alphabet experienced a 15% increase in revenue to $88.27 billion during the quarter.

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