The Directors have pleasure in presenting the fifth Annual Report
 together with the audited accounts for the year ended March 31, 2011.
 
 STANDALONE FINANCIAL RESULTS (Rs. MILLiON)
 
 PARTICULARS                            2010-11     2009-10 
 
 Revenue
 
 Net sales                             2,936.21    2,322.23
 
 Other income                            282.74      320.14
 
 Total income                          3,218.95    2,642.37 
 
 Expenditure
 
 Advertising and Promotion Cost          380.25      374.04 
 
 Administration and Other
 
 expenses                                320.48      294.33
 
 Personnel expenses                    1,137.13      879.50
 
 Network and other charges               100.38       89.68
 
 Depreciation                             71.15       61.07
 
 Finance & Other Charges                  21.74       19.25
 
 Total expenditure                     2,031.13    1,717.87
 
 Net profit before exceptional         1,187.82      924.50 
 
 item and tax
 
 Exceptional Item                       (51.74)       37.74
 
 Tax                                     399.84      317.48
 
 Net profit after tax                    839.72      569.28
 
 
 Financial Review
 
 With a recovery in the business environment, Net sales increased by
 26.4% from Rs.2,322.2 million in 2009-10 to Rs.2,936.2 million in
 2010-11 and Total income increased by 21.8% to Rs.3,218.9 million in
 2010-11.
 
 While employee costs went up as a ratio to net sales (as an investment
 into the newer/ similar verticals), Info Edge controlled the other key
 expenses, namely advertising and promotion costs, administration and
 other expenses and network and other charges. Consequently, total
 expenditure increased by 18.2% from Rs.1,717.9 million in 2009-10 to
 Rs.2,031.1 million in 2010-11. Since top-line growth was faster than
 expenditure growth operating profit margins increased during 2010-11.
 
 With healthy growth in total income and improved operational profit
 margins, net profit before exceptional items and taxes increased by
 28.5% from Rs.924.5 million in 2009-10 to Rs.1,187.8 million in
 2010-11. During the year there has been an exceptional income item net
 of taxes worth Rs.37.1 million from sale of shares of makemytrip.  com.
 Net profit after taxes has increased by 47.5% from Rs.569.3 million in
 2009-10 to Rs.839.7 million in 2010-11.
 
 DIVIDEND
 
 Your Directors are pleased to recommended dividend at the rate Rs.0.75
 per share for the financial year 2010-11, subject to the approval of
 the shareholders. The proposed dividend together with corporate
 dividend tax would mean an outflow of Rs.47.74 million as compared to
 Rs.23.95 million last year due to bonus issue & consequent increase in
 the paid-up shares of the Company.
 
 Bonus issue
 
 During 2010-11, your Company issued 27,295,256 bonus shares of face
 value of Rs.10/- each in ratio of 1:1 (i.e. one equity share for every
 one equity share already held), to the shareholders as on record date.
 With this allotment, the total issued and paid-up capital of the
 Company has increased to Rs.545,905,120/- ( Rupees Fifty Four Crores
 Fifty Nine Lacs Five Thousand One Hundred and Twenty only) comprising
 of 54,590,512 equity shares of face value of Rs.10/- each.
 
 LISTING OF SHARES
 
 The Companys shares are listed on Bombay Stock Exchange Limited (BSE)
 & National Stock Exchange of India Limited (NSE) with effect from
 November 21, 2006, post its initial public offering (IPO)
 
 TRANSFER TO RESERVES
 
 Since your company is not paying dividend exceeding 10% of the paid-up
 capital, the Companies (Transfer of Profit to Reserves) Rules, 1975 is
 not applicable.
 
 OPERATIONS Review
 
 While the other businesses are gaining traction, you Companys primary
 revenue generator is still the online recruitment classifieds and
 related services through naukri.com and quadrangle business divisions.
 With improvement in the Indian economy and hiring picking up,
 recruitment solutions had a good year in 2010-11.  Net sales from
 recruitment increased by 24.1% from Rs.1,954 million in FY2010 to
 Rs.2,425 million in FY2011 and operating EBIDTA from recruitment
 increased by 36.7% from Rs.803 million in FY2010 to Rs.1,097 million in
 FY2011.
 
 We also provide matrimonial, property and education based classifieds
 and related services through our portal jeevansathi.com, 99acres.com
 and shiksha.com.  With revenues from these other verticals increasing
 by 42%, their combined contribution to the companys net sales
 increased to 17% in 2010-11. While jeevansathi.  com witnessed a 11%
 growth in revenues, driven by an improvement in the Indian real estate
 market, 99acres.  com grew by 72% and broke even during 2010-11.
 Shiksha.com is in the early stage of development and is getting good
 response.
 
 Detailed analysis of the performance of the Company and its businesses,
 including initiatives in the area of Human Resources, Information
 Technology, has been presented in the section on Management Discussion
 and Analysis of this Annual Report.
 
 FUTURE outlook
 
 India has an ideal demographic structure for high utilisation of the
 medium of internet. However, internet penetration has been abysmally
 low mainly due to poor connectivity and high cost of usage. With both
 these factors improving, internet penetration is growing rapidly in the
 last two years. If this growth of rate of penetration is maintained,
 then the internet will become a significant medium for transactions and
 information sharing in India.  At Info Edge we are fairly confident
 that we are poised for such internet based growth in India. There might
 be a slight temporary slowdown in the economy in the near term but the
 long term trajectory is positive. We are fairly optimistic of the
 future for well established internet businesses like ours in India.
 
 We will continue to focus internally on improving our products, our
 sale channels and our internal processes and systems. We are gaining
 market share across businesses and are confident of maintaining this
 trend.  We will continue to invest in developing the matrimonial, real
 estate, and education businesses, and in emerging technologies like
 BWA, mobile apps and 3G.
 
 SUBSIDIARY COMPANIES
 
 During FY2010-11, Info Edge had seven subsidiary companies - Naukri
 Internet Services Private Limited and Jeevansathi Internet Services
 Private Limited, which own internet domain names and related
 trademarks, Allcheckdeals India Private Limited which provides
 brokerage services in the real estate sector in India, Info Edge
 (India) Mauritius Limited primarily to make overseas investments of the
 Company and Info Edge USA Inc.  Investee Companies -Applect Learning
 Systems Private Limited, engaged in the business of kindergarten to
 class12 (K-12) assessment & tuition portal and Etechaces Marketing &
 Consulting Private Limited, engaged in comparison of financial products
 (mainly life & general insurance).
 
 OTHER STRATEGIC INVESTMENTS
 
 During the financial year 2010-11, your Company committed an investment
 of Rs.47 million in DC Foodie Bay Online Services Private Limited
 (www.zomato.com) which is an online food guide and restaurant directory
 business. Your Company also committed an investment of Rs.10 million in
 Nogle Technologies Private Limited (www.blinkk.me) which is initiating
 an online information sharing portal.
 
 The company has also committed the following investments during
 April-June 2011
 
 - Rs.90 million in Kinobeo Software Private Limited, engaged in
 business of providing online group deals through their website
 www.mydala.com; - An additional investment of Rs.100 million in
 Etechaces Marketing and Consulting Private Limited. The Company had
 already committed to invest Rs.200 million in the first round till
 FY2010-11;
 
 - Rs.157 million through an equity stake in Ninety Nine Labels Private
 limited, engaged in online retailing of merchandise e.g. clothes,
 perfumes, fashion accessories, vouchers and discount deals on the
 internet, principally through the web portal www.99labels.com. The
 investment is through a mix of buying out some existing shareholders
 while the major portion is directly into the Company to enable it to
 invest in its business.
 
 PARTICULARS OF EMPLOYEES
 
 The particulars of employees required under Section 217 (2A) of the
 Companies Act, 1956 and the rules there under, are required to be
 annexed to this Report as Annexure.  However, pursuant to the
 provisions of Section 219(1)(b) (iv) of the Companies Act, 1956, the
 Annual Report and Accounts are being sent to all the shareholders of
 the Company without the above information. Any shareholder interested
 in obtaining such particulars may write to the Company.
 
 EMPLOYEES STOCK OPTION PLAN (ESOP)
 
 Our ESOP schemes help us share wealth with our employees and have
 retention oriented compensation program.
 
 ESOP-2003 The Company made this initial plan when it was a private
 limited unlisted company and therefore SEBI ESOP Guidelines were not
 applicable to this scheme. The scheme was used to grant ESOPs till
 listing i.e. November 2006 and thereafter, no fresh grants have been
 made under the scheme. Options granted prior to November 2006 continue
 to vest and exercised till their validity under this scheme.
 
 ESOP-2007 (modified in June 2009) The Company introduced a new SEBI
 compliant ESOP scheme, which was approved by passing a special
 resolution in the Extra- ordinary General Meeting (EGM) held on March
 26, 2007 which was further amended in June 2009 through approval of
 shareholders by Postal Ballot by introducing Stock Appreciation Rights
 (SARs)/ Restricted Stock Units (RSUs) and flexible pricing of ESOP/SAR
 Grants. The scheme is currently used by the Company to make fresh
 ESOP/SAR grants.
 
 Disclosures as required by clause 12 of the SEBI Employees Stock Option
 Scheme and Employee Stock Purchase Scheme Guidelines, 1999 are annexed
 to this report.
 
 CORPORATE GOVERNANCE
 
 Separate detailed chapters on Corporate Governance, Additional
 Shareholder Information and Management Discussion and Analysis are
 attached herewith and forms a part of this annual report.
 
 PUBLIC DEPOSITS AND LIQUIDITY
 
 We continue to be almost debt-free, and believe we maintain sufficient
 cash to meet our strategic objectives. During 2010- 11, your Company
 has not accepted any deposits or raised any fresh equity from the
 public.
 
 ENERGY CONSERVATION, TECHNOLOGY ADOPTION AND FOREIGN EXCHANGE FLOWS
 
 Since the Company is a service sector company and does not own any
 manufacturing facility, the other particulars in the Companies
 (Disclosure of Particulars in the Report of the Board of Directors)
 Rules, 1998 are not applicable.  However, on a proactive basis, we are
 disclosing the details of energy conservation and technology absorption
 as part of annexure A to the directors report. The particulars
 regarding foreign exchange earnings and expenditure are furnished
 below.
 
 (Rs. MILLION)
 
 PARTICULARS                       2010-11     2009-10
 
 Foreign exchange earnings
 
 Sales                              289.49      244.54
 
 Total Inflow                       289.49      244.54
 
 Foreign exchange outgo
 
 Travel                               1.58        2.13
 
 Expenses on server, etc             54.30       56.90
 
 Promotion and Marketing              3.70        7.90
 
 Foreign Branch Expenses             36.78       30.92
  
 Others                               4.94        7.33
 
 Total Outflow                      101.30      105.18
 
 Net Foreign exchange inflow        188.19      139.36
 
 
 DIRECTORS
 
 There has been no change in the directors of the company, however, the
 Board re-designated the three Whole-time Directors. Mr. Hitesh Oberoi
 was appointed as Managing Director & Chief Executive Officer in place
 of Mr. Sanjeev Bikhchandani who transited to the role of Founder and
 Executive Vice Chairman.
 
 Mr. Bikhchandani will continue to be actively involved in the business
 and will focus primarily on strategic matters, investments and
 acquisitions while Mr. Oberoi will oversee the current businesses of
 the company. Both Mr. Bikhchandani and Mr. Oberoi will report directly
 to the Board. Mr. Ambarish Raghuvanshi, the current Chief Financial
 Officer & Whole-time Director, transited to the role of Group President
 -Finance and Chief Financial Officer.
 
 Their initial term of five years was completed on April 26, 2011 and
 the Board of Directors in their meeting held on April 28, 2011
 re-appointed Mr. Sanjeev Bikhchandani as Executive Vice-Chairman, Mr.
 Hitesh Oberoi as Managing Director & CEO, and Mr. Ambarish Raghuvanshi
 as Whole- time Director ,CFO & Group President-Finance for a period of
 five years w.e.f. April 27, 2011 on terms and conditions as mentioned
 in the notice of Annual General Meeting.
 
 As per the requirements of Section 256 of the Companies Act, 1956,
 two-thirds of the Board shall consist of retiring directors out of
 which one third shall retire at every annual general meeting.
 Accordingly. Mr. Saurabh Srivastava and Mr. Naresh Gupta shall retire
 and being eligible offer themselves for re-appointment in the ensuing
 Annual General Meeting.
 
 INTERNAL CONTROL SYSTEMS
 
 The Company has in place adequate systems of Internal Control to ensure
 compliance with policies and procedures. The Company has appointed an
 external professional firm as Internal Auditor. The Audits of all the
 units of the Company are regularly carried out to review the internal
 control systems & processes. The Internal Audit Reports along with
 implementation and recommendations contained therein are constantly
 reviewed by the Audit Committee of the Board.
 
 AUDITORS
 
 M/s. Price Waterhouse & Co., Chartered Accountants hold office until
 the conclusion of forthcoming Annual General Meeting and being eligible
 offer themselves for re-appointment.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 The Directors confirm that:
 
 - In the preparation of the annual accounts, the applicable accounting
 standards have been followed;
 
 - they have selected such accounting policies and applied them
 consistently and made judgements and estimates that are reasonable and
 prudent, so as to give a true and fair view of the state of affairs of
 the Company at the end of the financial year and of the profits of the
 Company for the year;
 
 - they have taken proper and sufficient care for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956, for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities; and
 
 - they have prepared the annual accounts on a going concern basis.
 
 NOTES TO ACCOUNTS
 
 There was no qualification in the Auditors Report and both the Auditors
 Report & notes on accounts are self explanatory.
 
 ACKNOWLEDGMENTS
 
 We thank our clients, vendors, investors and bankers for their
 continued support during the year. We place on record our appreciation
 of the contribution made by employees at all levels. Our consistent
 growth has been made possible by their hard work, solidarity,
 cooperation and support.
 
 
 
 Date- June 17, 2011 
 Place- Hong Kong
 
 
 For and on behalf of the Board of Directors
 Kapil Kapoor
 Chairman