The net profit of Info Edge (India), the parent company of Naukri.com, dropped 64.6 percent to Rs 84.73 crore in the second quarter of the financial year (Q2FY25) from Rs 239.74 crore in the same quarter last year.
Sequentially, the consolidated net profit was down by 67 percent from Rs 258.85 crore in the April to June quarter, according to an exchange filing by Info Edge.
Revenue from operations reached Rs 700.82 crore, a 12 percent rise year-on-year (YoY) and up 3.5 percent sequentially from Rs 677 crore.
On standalone basis, Info Edge's net profit was down 59 percent to Rs 86 crore while operating revenue recorded 11 percent growth at Rs 656 crore for the quarter under review.
"We are pleased to see double digit billings growth in the recruitment business after several weak quarters. Increased cash generation from this segment, coupled with reduced losses in our non-recruitment businesses, position us strongly for sustainable growth," Hitesh Oberoi, managing director and CEO of Info Edge, said.
The company’s total expenses stood at Rs 492.11 crore in the reported quarter, up 8 percent from Rs 455.34 crore in same period last year. Employee cost emerged as the largest contributor, with the firm spending almost 10 percent more on the same (Rs 305.78 crore) compared to last year.
On Friday, Info Edge shares traded 3.45 percent lower at Rs 7,630 on the NSE.
Segment revenue
Info Edge's consolidated revenue from recruitment services--Naukri-- rose almost 10 percent to Rs 515.09 crore in the September quarter, compared to Rs 467.97 crore last year same period. Sequentially, it rose 5.7 percent from Rs 487.17 crore in June quarter.
Its real estate vertical 99acres generated almost 17 percent higher revenue at Rs 102.03 crore YoY and 3.2 percent QoQ from Rs 98.79 crore.
Meanwhile, revenue from other businesses, including education (Shiksha) and matrimony (Jeevansaathi), increased to Rs 83.69 crore in Q2 FY25, compared to Rs 70.58 crore in the year-ago period. However, this declined 7.7 percent from previous June quarter.
"The recruitment business continued the uptick in Q2, whereas non-recruitment businesses also continued to grow with reduced operating losses. Revenues growth in the recruitment business was 8.5% year on year and for non-recruitment business verticals namely 99acres, Jeevansathi, and Shiksha was 16.9%, 33.4%, and 9.7% respectively. Billings for the company on a
standalone basis for the quarter grew by 14.3% year on year and stood at Rs 650.3 crore," the firm said in a exchange filing.
As of September 30, 2024, the firm held a cash balance of Rs 4,268 crore.
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