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Info Edge India reported its third quarter results for the quarter ending December 2016. The company reported net profit growth of 76.1 percent at Rs 47.1 crore vis-Ã -vis Rs 26.7 crore the same quarter last fiscal.
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The sudden ban on Rs 500 and Rs 1000 currency notes has resulted in a situation of limited or no cash in the market to be parked in real estate assets.
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Reacting to the results, Hitesh Oberoi of Info Edge said 99 acres had a good quarter and Naukri.com is seeing customer growth
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Finalise a real estate broker who believes in building relationships and offers the best customer service, both before and after transaction.
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The company is sitting on a cash of Rs 1,100 crore and this it will use to invest in the internet space (including international) on the back of correcting valuations in private markets, says Hitesh Oberoi, MD & CEO, Info Edge.
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While former business head of 99acres.com Vineet Singh, has invested in housing.com, Chief Product Officer of Snapdeal Anand Chandrasekaran, has made an undisclosed investment in Indee.tv
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"On board as a personal investor, Vineet will also serve as a senior advisor to the company working closely with the management team. We believe that his association will further fuel the ambitious growth plans of Housing.com," Housing.com CEO Jason Kothari said.
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The flux in the real estate sector and increased competition from rivals has resulted in slowing growth for real estate portal 99acres.com, even as business continues to be vibrant for jobs portal Naukri.com, says Hitesh Oberoi, CEO and MD, Info Edge.
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One of the most awaited events of the year, Union Budget 2016-17 is expected to metamorphose the country‘s real estate landscape from its current recessive state to a progressive sector.
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Chintan Thakkar, CFO, of Info Edge says the real estate market has off late been laden with factors like low demand and high competitiveness.
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Indian real estate market is expected to witness an upswing in the year 2016. Several policy reforms by the central government coupled with growing GDP, controlled inflation, low fiscal deficit and improving liquidity are expected to bring some good news for the industry.
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Revenues in the flagship website Naukri.com grew 17 percent, while those in 99acres.com increased 20 percent
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Projects under the 'Puravankara' and 'Provident' brands of the company will be available on the portal and 99acres will offer 3D floor plans and online booking to potential buyers, a release said.
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"99acres.com, the real estate portal, partnered with Puravankara Projects and its subsidiary Provident Housing to offer online booking services for their homes," said the company in its filing to the exchange.
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Info Edge also owns portals like Naukri.com, Jeevansathi.com and shiksha.com.
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The company reported a quarter-on-quarter net profit at of 33.2 crore versus Rs 39.8 crore in the previous quarter.
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Rentals of a 3 BHK house have also witnessed northward movement with yearly comparison showing a 3% growth in Q2-14 as compared to Q2-13.
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Info Edge is an on-line classifieds company in recruitment, matrimony, real estate and education. It owns portals like Naukri.com and 99acres.com.
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With the country‘s increasing number of dollar millionaires seeking signature homes, it is only a matter of time before the current torpor gives way to high buyer sentiment
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The quarter on quarter analysis shows that in the Western region comprising of Mumbai and Pune, the capital prices have remained stable with Mumbai showing an increase of 1% while Pune seeing no change in capital prices in Q4-13 over Q3-13.
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The Indian Real estate market in 2013 has continued to grow despite a GDP that was revised downward consistently in the last three quarters. The situation was exacerbated by an increase in average inflation rate (based on the wholesale price index, or WPI) which has touched 7%.
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Info Edge also owns job portal naukri.com and has seen a slight improvement in naukri‘s performance in the last few months.
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Info Edge India, a promoter of Naukri.com, 99acres.com and jeevansathi.com, advanced 2 percent on Friday as the company acquired Makesense Technologies Private limited for about Rs 8 crore.
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Hitesh Oberoi, CEO & MD, Info Edge explains on CNBC-TV18, post announcement of results, that the company is adequately cushion by cash reserves of close to Rs 500 crore and hence there arose no need to raise funds. Oberoi adds that the company‘s realty arm 99acres.com and education portal Shiksha.com have performed well
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It is certain that the buyer-friendly CCI order dated January 3, 2013 is likely to receive mixed reactions from the builder community.
