Info Edge Q2 Results: Profit At INR 94 Cr, Operating Revenue Surges 65% To INR 604 Cr

SUMMARY

Info Edge had reported a profit of INR 7,372.2 Cr in Q2 FY22, however, the numbers are not comparable as it had an exceptional gain of INR 8,269.2 Cr last year due to Zomato’s listing

Revenue from operations rose nearly 65% YoY to INR 604.1 Cr during the quarter under review

Total expenses soared 90% to INR 522.8 Cr in Q2 FY23 from INR 275.8 Cr in Q2 FY22

Noida-based online classifieds company Info Edge on Friday (November 11) reported a consolidated net profit of INR 93.9 Cr in the quarter ended September 2022.

The company had reported a net profit of INR 7,372.2 Cr in the year-ago quarter. However, it is not comparable with the profit of September 2022 quarter as the company had an exceptional gain of INR 8,269.2 Cr in the year-ago quarter due to the public listing of foodtech giant Zomato, in which it holds a considerable stake.

The exceptional gain in the September 2021 quarter comprised gain of INR 357 Cr from selling stake in Zomato IPO and unrealised mark to market gain of INR 7,867.7 Cr.

On a quarter-on-quarter (QoQ) basis, Info Edge’s net profit declined 67% during Q2 FY23.

Revenue from operations rose nearly 65% to INR 604.1 Cr during the quarter under review from INR 366 Cr in the corresponding period of last fiscal last year.

Total expenses soared 90% to INR 522.8 Cr in Q2 FY23 from INR 275.8 Cr in Q2 FY22.

Employee expenses were responsible for the biggest chunk of the total expenditure, growing 71% year-on-year (YoY) to nearly INR 300 Cr. Marketing costs surged close to 70% to INR 105 Cr from INR 61.8 Cr during the September quarter of FY22.

Info Edge operates matrimony portal Jeevansathi.com, recruitment platform Naukri.com, education portal Shiksha and real estate portal 99acres.com.

Info Edge’s billing numbers recorded a 31.4% YoY growth to INR 542.9 Cr in Q2 FY23.

Naukri’s billing grew 41% YoY to INR 425.6 Cr, while the platform’s revenue grew 56.4% YoY to INR 418.1 Cr.

“The recruitment had another great quarter. The hiring market for IT professionals is slowly returning to normal. However, the non-IT market continues to be strong,” Info Edge MD and CEO Hitesh Oberoi said.

Overall, Naukri reported a 45% YoY growth, while education startup Shiksha’s business reported a growth rate of 31% during the quarter.

Shiksha’s billing for the quarter stood at INR 24.8 Cr, while proptech vertical 99acres reported a billing of INR 75.7 Cr in Q2 FY23. Jeevansathi also saw its billing numbers grow 30.4% YoY to INR 16.9 Cr for the quarter.

“With high A&P (advertising and promotional) spends in the quarter, 99acres reported an EBITDA loss of INR 29.6 Cr. Jeevansathi, with revenues impacted by new strategy to drive traffic, reported a loss of INR 26.6 Cr for the quarter,” Info Edge said.

During the quarter, Info Edge invested INR 135 Cr in edtech startup Coding Ninjas. The new-age tech major also announced an investment of INR 75 Cr in another edtech platform Adda 247 in September.

Info Edge also made an additional investment of INR 90 Cr in serial entrepreneur Rahul Yadav-backed proptech startup Broker Network in September this year.

The company declared the results after trading hours. Shares of the company ended 7.41% higher at INR 4,098.25 on the BSE on Friday.