Info Edge Q3 profit rises 13% YoY to Rs 53 crore

E-commerce firm Info Edge clocked a 22% annual increase in net revenues which came in at Rs 227.1 crore.

E-commerce firm Info Edge clocked a 22% annual increase in net revenues which came in at Rs 227.1 crore, while total income grew 18% to come in at Rs 249.1 crore.

The Gurgaon based company that owns and operates online classified entities Naukri, 99acres and Jeevansathi had net profit for Q3FY18 managed to grow 13% to come in at Rs 53.3 crore as compared to Rs 47.1 crore last year. An exceptional item of about Rs 17 crore took away some sheen off the profit.

CFO, Chintan Thakkar in a statement to the stock exchanges said, “On a very positive development, the real estate search portal 99acres has shown remarkable recovery with 54% growth in billings for the quarter (as compared to last year). Recruitment business continues to show steady growth of billings at 13% for the quarter.”

Indeed, 99acres has gathered significant steam growing faster than the flagship recruitment business. For the quarter, revenues from 99acres grew over 31% to Rs 34.1 crore while revenues for recruitment solutions that mainly include Naukri grew 20.7% to come in at Rs 169 crore.

Info Edge managed to clock a steady increase in its operating EBITDA as well, at Rs 78.8 crore growing 67.5%. The strong growth was also reflected in the company’s deferred sales revenues (amount collected in advance) which grew 19.4% in Q3FY18 at Rs 333 crore.

Info Edge has diluted shares worth $50 million in restaurant discovery and food delivery platform Zomato as part of a secondary transaction in a $200 million fund raising exercise for the latter driven by Chinese payment major Ant Financial (Alipay) which invested $150 mn as primary capital in the company.

With a strong Q3,  Info Edge show managed to keep the stock afloat closing 0.24% higher at Rs 1330/share on the NSE on a day when markets nosedived with the main index bleeding over 2.33%.