The company's consolidated income from operations, however, increased 7.8 per cent to Rs 327.5 crore in January-March 2020 quarter from Rs 303.8 crore in the year-ago period.
Info Edge (India) on Monday posted over 63 per cent decline in consolidated net profit at Rs 119 crore for the quarter ended March 2020. The company had registered a net profit of Rs 325.2 crore in the year-ago period, Info Edge (India) Ltd said in a filing to the BSE.
Its consolidated income from operations, however, increased 7.8 per cent to Rs 327.5 crore in January-March 2020 quarter from Rs 303.8 crore in the year-ago period.
Commenting on the results, the company's CFO Chintan Thakkar said, "We continue to evaluate the unfolding situation of pandemic. The billings were growing around 13 per cent till mid of March in FY'20 Q4 and it took a hit in the last two weeks of the quarter."
He added that work from home and business continuity plan are operating satisfactorily.
Info Edge recorded billing of Rs 331.9 crore during March 2020 quarter as compared with Rs 360.9 crore in the year-ago period.
For the year, billing was up 7.8 per cent to Rs 1,268.7 crore, the filing said.
The company's board of directors also approved raising of up to Rs 1,875 crore through issue of equity shares via Qualified Institutions Placement (QIP).
"(The Board approved) raising of funds through issue of equity shares of face value of Rs 10/- each of the company by way of QIP to eligible qualified institutional buyers for an aggregate amount not exceeding Rs 1,875 crore...subject to the approval of the members of the company," it said in another filing.
The company will conduct a postal ballot by way of remote e-voting facility for obtaining approval of the members of the company by way of a special resolution.The company has fixed June 19, 2020 as the cut-off date/record date for the purpose of sending the postal ballot notice by way of e-mails to all the members of the company, the filing added.