Info Edge on November 7 reported that its revenue rose 4 percent to Rs 626 crore in the September quarter (Q2) amid weak growth of the billings of its flagship recruitment platform Naukri.
The company's profit (before exceptional items), however, surged 76 percent to Rs 262 crore as it brought down employee benefits, marketing and other expenses.
On a standalone basis, Info Edge recorded 11.5 percent growth in its revenue from operations at Rs 593 crore in Q2 as compared to Rs. 531.8 crore in the corresponding quarter of previous fiscal. 99acres.com, the real estate vertical of Info Edge, saw revenue grow by 28 percent to Rs 87 crore.
The revenues for the quarter in the recruitment business grew 9.1 percent year on year. Billings of the company for the quarter grew by 4.8 percent year on year and stood at Rs 569 crore.
The company registered a growth of 26.8 percent in its operating profit which stood at Rs 218.9 crore on standalone basis for the quarter as compared to a profit of Rs 172.5 crore in the year-ago period. The standalone business generated cash from operations (before tax) of Rs 250 crore for the quarter, with a growth of 14 percent YOY.
Hitesh Oberoi, Managing Director and Chief Executive Officer said, “Good execution in 99acres and Jeevansathi business helped reduce burn in these verticals substantially during the quarter. The non IT hiring market continued to be strong but a slowdown in IT hiring dragged down Naukri growth.”
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
