The recruitment solutions business of Info Edge saw its revenue rise 68 percent to Rs 387 crore in the June quarter (Q1), compared to the year-ago period. The segment grew 12.5 percent on a sequential basis.
With five consecutive quarters of growth in the segment, the company said it remains optimistic for the current quarter as well at a time when major recruiters like IT companies have pulled back on fresh hirings amid fears of a global slowdown.
However, the Naukri parent said that its recruitment business recorded 49 percent growth in new customers and billing growth was witnessed across all industry verticals (IT and non-IT).
Info Edge’s consolidated revenue grew 66 percent to Rs 547 crore in Q1 whereas net profit rose 85 percent to Rs 292 crore, compared to the year-ago period.
The company said its educational classifieds arm Shikshsa is seeing a strong growth in traffic from students who want to go abroad for studies. Billing for Shiksha stood at Rs 30.4 crore in Q1, registering a year-on-year (YoY) growth of 30.7 percent. This vertical's EBITDA margin was 20 percent for the quarter and stood at Rs 6.2 crore.
Info Edge's real estate classifieds business 99acres reported a billing of Rs 61.1 crore for the quarter, registering a growth of 173 percent over the Covid-impacted March quarter. With high advertising and promotional spends in the quarter, 99acres reported a EBITDA loss of Rs 35 crore.
Matrimonial business Jeevansathi reported billing of Rs 17.6 crore for the quarter, dropping 30 percent YoY primarily due to concessional offerings introduced in the preceding quarter. With revenues impacted by new strategy to drive traffic, the segment reported a loss of Rs 27.6 crore for the quarter.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
