Twitter India Turns Profitable Again in FY23, Earns Rs 30.4 Cr; Revenue Surges 32.4%
- ByStartupStory | October 26, 2023
Twitter Communications India Private Limited, the Indian subsidiary of the social media website X (formerly Twitter), has achieved a notable financial turnaround, posting a profit after tax (PAT) of Rs 30.4 crore for FY23, following a loss of Rs 31.8 crore in the preceding fiscal year.
During the financial year ending in March 2023, the social media platform’s revenue from operations surged by an impressive 32.4% to reach Rs 207.6 crore, as indicated in the company’s financial statement filed with the Registrar of Companies (RoC). This marks a substantial increase from the Rs 156.7 crore earned in FY22.
Additionally, the company effectively trimmed its expenses by 7.5%, reducing them from Rs 182 crore in FY23 to Rs 168.2 crore in FY22. In February of the current year, X undertook significant measures, including laying off numerous employees from its ad sales department, which had at one point approximately 800 employees. Furthermore, X closed two of its offices located in Mumbai and Delhi. These actions were part of Elon Musk’s overhaul of the social media website, which, at the time, introduced a subscription model priced at Rs 900 per month.
Exciting news! We’re now on WhatsApp Channels too. Subscribe today by clicking the link and stay updated with the latest insights in the startup ecosystem! Click here!
X’s Indian subsidiary provides services to holding companies, including Twitter International Unlimited Company in Ireland and Twitter Asia Pacific Pte. Limited in Singapore. Notably, Twitter India’s net worth experienced substantial growth, reaching $7 million in FY23, marking a 29.3% increase compared to Rs 5.3 million in the previous fiscal year.
Follow Startup Story
Related Posts
