Noida-based Info Edge has reported a consolidated net profit of INR 155.3 Cr in Q1 of FY 22, a steep rise of 66% against INR 93.6 Cr that it posted in Q1 of FY 21 However, its net profit has dropped by almost 50% as compared to INR 308 Cr it posted in Q4 of FY 21. The company’s revenue for the June ended quarter was INR 380.1 Cr , a slight rise from INR 308.8 Cr it posted in Q1 of FY21. In terms of expenses, Info Edge saw a 23% rise to INR 241.8 Cr in Q1 FY 22 as compared to INR 195.3 Cr in Q1 of previous fiscal year.
Commenting on the results, Chintan Thakkar, chief financial officer of Info Edge said “We have witnessed continued recovery during the quarter, led by billings growth over Q1 FY21 across all four verticals – Recruitment Solutions 73.6%, 99acres 59.6%, Jeevansaathi 10.2% and Shiksha 101.9%.”
On a standalone basis, the company posted a net profit of INR 100.9 Cr in Q1 of FY22 a 21.27% rise compared to INR 83.2 Cr it posted in Q1 of FY 21. In terms of expense, Info Edge posted INR 231.6 Cr in June ended quarter as against INR 188.2 Cr it posted in Q1 of FY 21. The company’s advertisement expense was INR 45.8 Cr in Q1 of FY 22 a sharp 79% rise from INR 25.5 Cr in Q1 of last fiscal year. Info Edge posted a total income of INR 360.6 Cr in June ended quarter of the ongoing financial year as compared to INR 300.4 Cr in the corresponding quarter of last financial year.
Info Edge, which was one of the earliest investors of recently listed food delivery aggregator Zomato has offloaded 49.3 Mn worth of shares, thus fetching INR 375 Cr. Info Edge was the first one to write a cheque to Zomato worth INR 4.7 Cr, and held 18.6% in the company before it went public. Info Edge at present holds 15.23% after its offers-for-sale during IPO and saw 1050X return as Info Edge’s remaining stake in Zomato was valued at INR 15,000 Cr. Zomato has a market capitalisation of INR 1.06 lakh crore.
Info Edge’s another portfolio company, PB Fintech, the parent company of online insurance aggregator Policybazaar, has also filed DRHP and is looking to raise INR 6017.5 Cr. Info Edge invested INR 20 Cr as a seed round in Policybazaar and later pumped in INR 30 Cr in 2011. Policybazaar at present is valued at $2.4 Bn
Info Edge is an internet company founded by Sanjeev Bikhchandani in 1995. The company runs 11 subsidiaries, such as allcheckdeals.com, Interactive Visual Solutions and Smart Web, jeevansathi.com, naukri.com, Newwinc Internet Service, along with Startup Internet Services, Startup Investments, Diphda Internet Services, HighOrbit Careers and Redstart Labs.
Info Edge also runs its own venture fund, through which it has invested in about 16 startups including Zomato, ShopKirana, and Happily Unmarried among others.