Pure play internet and classifieds company Info Edge is back in black in the December quarter, posting a year-on-year profit of Rs 151.1 crore. In the same quarter of last year, the company had reported a loss of Rs 116.5 crore loss.
The company seems to have performed well despite the ongoing sluggishness in the information technology (IT) sector hiring.
The company’s consolidated revenue increased by 6.4 percent to Rs 627.1 crore in Q3.
Billing for the December quarter increased by 4.8 percent year-on-year and stood at Rs 576.9 crore, the company said in a regulatory filing.
Hitesh Oberoi, Managing Director and Chief Executive Officer said “Efficient execution in the 99acres and Jeevansathi businesses spurred top-line growth and helped reduce burn during the quarter. While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukrl's growth.”
Revenue for the quarter in the recruitment business grew by 3.1 percent year on year while the revenues in real estate business grew over 21 percent.
The company registered a growth of 7 percent in its operating profit at Rs 218.7 crore on standalone basis for the quarter ended December 31, as compared to a profit of Rs 204.4 crore in the same quarter of the previous fiscal. The standalone business generated cash from operation of Rs 272.5 crore for the quarter.
On a standalone basis, Info Edge's revenue from operations rose over 7 percent to Rs 595.4 crore while turning profitable year-on-year to Rs 213.5 crore. The company, which operates Naukri.com and Jeevansathi.com, had posted a loss of Rs 84.3 crore in Q3FY23.
Chintan Thakkar, CFO and Whole Time Director, said, “These results underscore our commitment to sound financial management and long-term value creation for stakeholders."
At 1504, the stock is trading flat at Rs 5,342.80 today on the NSE.
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