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.
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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.
