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Zoho reports Rs 8,703 cr revenue in FY23, profit crosses Rs 2,800 cr

Global software-as-a-service (SaaS) company Zoho has reported consolidated revenue of Rs 8,703 crore in the financial year 2023 (FY23), up nearly 30 per cent (year-on-year).

New Delhi, Feb 2,2024:  Global software-as-a-service (SaaS) company Zoho has reported consolidated revenue of Rs 8,703 crore in the financial year 2023 (FY23), up nearly 30 per cent (year-on-year).

The Sridhar Vembu-led Zoho’s consolidated net profit was at Rs 2,836 crore, which increased marginally by 3 per cent (year-on-year) due to an increase in expenses, according to its consolidated financial statements with the Registrar of Companies (RoC).

In FY22, Zoho recorded a consolidated revenue of Rs 6,711 crore, reports Entrackr.

The company primarily generated revenue through the sale of its own enterprise IT management software and business application software, namely Manage Engine and Zoho.

In FY23, it additionally earned Rs 16.6 crore from its other operating activities.

Moreover, the company earned Rs 455 crore from interest and gains on financial assets in FY23, bringing its total revenue to Rs 9,158.9 crore, the report mentioned.

According to TheKredible, employee benefit spending accounted for 50.5 per cent of total expenditure. This cost increased 49 per cent to Rs 2,722 crore in FY23, from Rs 1,827 crore in FY22.

Other notable costs included advertising and promotional spending, which increased by 89.4 per cent to Rs 1,354 crore in FY23 from Rs 714.8 crore in FY22.

During FY23, Zoho also incurred web hosting, data centre, legal, and other expenses, resulting in a 51 per cent spike in total expenses from Rs 3,572 crore in FY22 to Rs 5,393 crore in FY23.

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