Twitter India turns profitable again in FY23, earns Rs 30.4 Cr; revenue surges 32.4%
Twitter India's revenue was up Rs 207 crore while its expenses were trimmed by 7.5%.
Twitter Communications India Private Limited, the Indian subsidiary of social media website X (formerly), has posted a profit after tax (PAT) of Rs 30.4 crore for FY23 after making a loss of Rs 31.8 crore in the previous fiscal year.
The social media platform's revenue from operations grew by 32.4% to reach Rs 207.6 crore during the financial year ended March 2023, as per the company's financial statement filed with the Registrar of Companies (RoC). This represents a substantial increase from the Rs 156.7 crore earned in FY22.
The company also managed to reduce its expenses by 7.5%—from Rs 182 crore in FY23 to 168.2 crore in FY22.
In February, this year, X had laid off several employees from its ad sales department which, at one point, had approximately 800 employees. It also closed two offices in Mumbai and Delhi. This move was a part of Elon Musk's overhaul of the social media website which had, at the time, introduced a subscription of Rs 900 per month.
X's Indian subsidiary renders services to holding companies including Twitter International Unlimited Company in Ireland and Twitter Asia Pacific Pte. Limited in Singapore.
Twitter India's net worth grew significantly to $7 million in FY23—up 29.3% compared to Rs 5.3 million in the previous fiscal year.
Edited by Kanishk Singh