Info Edge, which runs job portal Naukri.com, on Monday reported 27.8 percent decline in its net profit at Rs 28.7 crore for the quarter ended June 30, 2015, primarily due to higher investment in 99acres. This is against a net profit of Rs 39.8 crore for the year-ago period, it said in a statement. Net sales rose by 19 percent to Rs 171.79 crore for the April-June quarter of this fiscal, compared to Rs 144.93 crore in same quarter for 2014-15 fiscal.
"The results validate that we are on track in executing the plan of building valuable internet properties with a right mix of growth in revenue and investment," Info Edge Chief Financial Officer Chintan Thakkar said. The recruitment solution segment grew at about 20 percent with the segment profit at 53 percent. During the quarter, real estate vertical grew by 12 percent over the corresponding quarter in FY 2014-15.
"99acres has accelerated investments in the business and we are confident of continuing to lead in this space...99acres continuing investment in product, technology, operation and marketing has resulted in a loss of Rs 34.75 crore for the segment," he said.
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