India’s multinational technology company, ZOHO has reported a double jump in net profit in FY2021. At the same time, the COVID-19 pandemic has led to a surge in the software field. Because all are considered for remote work. On the other hand, the bootstrapped firm reported a profit of Rs. 1,918 crores during FY21 against Rs. 800.80 crores in FY20.
As of the financial statement, the firm’s operational revenue stood at Rs. 5,230 crores which increased over 22.30% in FY21. In FY20, it reported operational revenue of Rs. 4,274 crores.
During the month of January, the software company has launched Zillum (zillum.com). The concept of this platform is for communication and collaboration for families, where they can email, message, and collaborate effectively.
In October 2021, ZOHO One had launched new apps and services to its suite of business applications. The firm stated that the newly launched applications designed to support a hybrid work model and experience. Moreover, this type of application will enable businesses to scale even in unpredictable times while allowing easy customization and personalization of workplaces to improve the user experience.
The company’s advertising costs for the financial year had dropped to Rs. 334.7 crores from Rs. 1,205 crores, partly due to a significant decrease in its advertising budget. However, the employee benefits expenses increased by 58.4% to Rs. 1,725 crores for FY21 from Rs. 1,089 crores for FY20.
