Info Edge sees FY09 growth between 35-50%

Info Edge has declared its first quarter results. The company's Q1 standalone net sales were at Rs 63 crore versus Rs 46 crore, YoY.

Its standalone net profit was at Rs 12.9 crore versus Rs 11.64 crore, YoY.

Sanjeev Bhikchandani, Co-founder and CEO, Info Edge, said the company hopes to bounce back in Q2. He expcts FY09 growth to be in the region of 35-50%.

Excerpts from CNBC-TV18's exclusive interview with Sanjeev Bhikchandani:

Q: What was the topline that you got from all the three segments - from JeevanSathi, 99 acres and from your older Naukri.com?

A: Traditionally, Q1 has always been our weakest quarter. YoY our topline has grown at 36% and operating EBITDA grew at 41% and operating PAT grew at 40%. So on a YoY basis it was a very good performance.

In June there was a lot of caution among clients in the market, both for Naukri and 99 acres, given the economic situation and the higher oil prices and inflation and higher interest rate along with the prospects of slowing growth and of course the looming political uncertainty.

We are hoping that in Q2 we will bounce back. But nevertheless 36% growth is within our guidance range.

Q: Any concerns on a slowing in revenue on Naukri.com from your IT and non-IT space?

A: IT remains a concern given what's happened in the US and we are watching it. The good news is that it is down to 27% of our revenue. So, already 70% is non-IT and as long as the Indian economy grows at 7% or 8% plus, we should be fine.

The kind of flux that one witnessed in the economic environment in the last two months with oil prices first moving upto USD 147 per barrel and people predicting USD 200 per barrel and interest rates along with inflation being in double-digits, clients were being careful.

I think as these economic situations improve and with the government now stable, reforms will come in, we expect that easing off by Q3 or so.

Q: Can you tell us the segment-wise revenue break-up from Naukri, JeevanSathi and 99 acres - and where is the pace of growth slowing?

A: Naukri accounts for more than 80% of our topline and it grew slightly over 30% YoY and 99 acres grew over 100%. JeevanSathi grew at about 44%. So, really it is something, which we had predicted. We had indicated earlier that our growth going forward in this year would be in the region of somewhere between 35-50% depending on what happens in the environment.

We have more or less come in within that range at 36%, although at the lower end. So this is not unexpected. We are quite satisfied with this quarter.