Microsoft India revenue rises 39% in FY23 on services boost
₹19,229 crore in the year ended 31 March from the previous year, according to its regulatory filing with the ministry of corporate affairs’ registrar of companies on Thursday. Net profit for the year rose 30% to ₹649 crore, while employee benefit expenses increased 16.5% for the year to ₹1,411 crore. Microsoft’s growth in the country has been largely driven by a rise in revenue from its services offerings, its financial filings sourced by Mint through business intelligence platform Tofler showed.
Revenue from the sale of services grew 46.4% to ₹13,103 crore, up from ₹8,951 crore a year ago. Revenue from products, including Microsoft’s Surface line of consumer and enterprise laptops and desktops, grew 28% to ₹4,508 crore from ₹3,519 crore a year ago. The company’s overall growth in India comes off the back of rising demand for its cloud platform Azure and generative artificial intelligence (AI) services to enterprises.
Industry stakeholders largely pointed to Microsoft holding approximately one-fifth of India’s cloud services market through its Azure platform and services, shortly behind market leader Amazon Web Services (AWS). Business intelligence platform Course5i pegged Microsoft Azure to hold a 20.8% market share for cloud service providers in India at the end of last year. In comparison, Amazon Web Services had 32.6% of the market in India, while third-placed Google Cloud Platform had a market share of 11.4%.
Globally, too, Microsoft has been growing in stature as a cloud service provider. An end-2022 market report by Bank of America pegged the company’s market share in the global cloud services provider market at 30%, second to AWS’s 55% share. A query seeking comments from a Microsoft spokesperson in India went
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