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Naukri owner Info Edge sees 7% rise in revenues; 99acres hits operational breakeven

31 October, 2017

Info Edge (India) Ltd, which operates job portal Naukri, realty site 99acres and online matrimonial platform Jeevansathi, reported a 7% increase in revenues from operations in the second quarter of financial year 2017-18 compared with the same quarter a year ago.

Its operational revenues rose to Rs 225.2 crore in the latest quarter from Rs 209.9 crore in the year-ago period, it said in a stock exchange filing.

The company’s net profit declined to Rs 78.6 crore in the quarter ended 30 September from Rs 80 crore in the same period last year, as a result of some tax reversal gains in the previous year.

Net profit rose 22% sequentially while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 61% during the latest quarter.

Net sales of the firm’s recruitment solutions division, which includes Naukri, increased to Rs 164.7 crore, compared with Rs 155.4 crore.

Real estate portal 99acres posted a marginal increase in net sales to Rs 32.6 crore in the quarter compared to Rs 30.8 crore in the year-ago period. Though 99acres continues to make losses, it has managed to reduce its loss on a quarter-on-quarter basis—it reported a loss (before tax) of Rs 99 lakh in in the second quarter compared with a loss of Rs 11.1 crore in the first quarter. The realty portal also turned tuned EBITDA positive.

The company also cut down its advertising and promotional costs to Rs 17.6 crore from Rs 25.4 crore, sequentially.

These are standalone financials and do not take into account revenues/losses from subsidiaries and other associates like online restaurant discovery and food delivery firm Zomato.

The company’s board also declared an interim dividend of Rs 2.5 per share for FY2017-18.

News Corp, which holds a significant stake in 99acres’ peer PropTiger, owns the parent of this news website.

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Naukri owner Info Edge sees 7% rise in revenues; 99acres hits operational breakeven

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