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    Google India revenues more than halved to Rs 4,147 crore

    Synopsis

    Revenue, however, more than halved to Rs 4,147 crore during the fiscal year, from Rs 9,337 crore in the previous year. The local unit of the US search giant said revenue slipped due to the adoption of Ind-AS accounting standards.

    Agencies
    India is an important and largely untapped market for Google.
    Google India’s profit rose 16% to Rs 473 crore in the financial year ending March 31 helped by lower expenses, despite a sharp fall in revenue.

    Revenue, however, more than halved to Rs 4,147 crore during the fiscal year, from Rs 9,337 crore in the previous year.

    The local unit of the US search giant said revenue slipped due to the adoption of Ind-AS accounting standards.

    Google's profit rose as expenses fell 61% during the year to Rs 3,416 crore.

    The results are according to regulatory filings sourced through Tofler, a business intelligence platform.

    The US technology leader has several internet-related services and products such as cloud computing, but nearly the majority of its revenue is driven by advertising services that display advertisements next to search results.

    Google and Facebook are competing for digital dominance in India.

    Newer Chinese platforms like ByteDance's video app TikTok are also giving stiff competition to both these American technology firms in the country.

    India is an important and largely untapped market for Google as it is essentially shut out of China. It is also a testing ground for Google’s eventual push into dozens of other emerging markets, where low income and costly but slow services have kept most people off the internet.

    Google created its first-ever digital payments app, Google Pay (formerly known as Tez), seizing on the millions of Indians who were quickly adopting digital payments.

    Google India VP Rajan Anandan quit in April to join Sequoia Capital.

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