 "zoho")
Software-as-a-services (SaaS) player Zoho’s net profit in the financial year 2023 (FY23) saw an increase of 3 per cent to Rs 2,836 crore. The company reported a net profit of Rs 2,749 crore in FY22.
Revenue in FY23 stood at Rs 8,703 crore, up 30 per cent from the preceding year's Rs 6,710.8 crore. This was based on the RoC filings by the company and sourced from Tofler. The growth at Zoho comes even as the demand for IT services and products has been impacted due to macro uncertainty.
The company also reported that the revenue from its Manage Engine, which is the enterprise IT management division, touched Rs 4,327.8 crore for FY23. The business unit saw revenue growth of 37 per cent over FY22.
In terms of geography split, the US was the biggest region with revenue growth of 24.7 per cent to Rs 3,988 crore, while revenue from Europe grew by 29.7 per cent to Rs 1,952 crore.
However, in terms of growth, Asia was the highest in terms of revenue increase. For FY23, revenue from Asia touched Rs 2,283.5 crore, up 158 per cent from Rs 883.8 crore in FY22.
In an earlier interaction with Business Standard, Sridhar Vembu, cofounder and CEO, Zoho Corporation had said that India was one of the fastest-growing markets for the company. “Today, India is our third largest market after the US and the EU. In terms of pace of growth, India is already the fastest-growing market, growing at 37 per cent in 2022. India could be the second largest market for us in the next two to three years and perhaps the largest in 10 years.”
The firm's expenses for FY23 grew to Rs 5,392.8 crore, up 51 per cent from the previous year. In the explanations, the company said: “Company continues with its rigorous cost restructuring exercises and efficiency improvements which have resulted in significant savings through continued focus on cost controls and process efficiencies, thereby enabling the company to maintain profitable growth.”
