The increase in net profit was largely because Info Edge recorded an exceptional loss of INR 520 Cr from Rahul Yadav’s controversial proptech startup 4B Networks in the year-ago quarter
Operating revenue increased 6.4% YoY to INR 627.1 Cr in Q3 FY24
Online recruitment platform Naukri.com’s revenue grew 3.6% to INR 469.3 Cr in Q3 FY24, while 99acres.com’s revenue rose 12.1% to INR 88.8 Cr
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Online classifieds major Info Edge reported over 157% year-on-year (YoY) jump in its consolidated net profit to INR 119.4 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24), largely because it registered an exceptional loss of INR 411.8 Cr in the year-ago quarter.
Info Edge posted INR 46.4 Cr in profit in Q3 FY23 that was dampened by the INR 520 Cr exceptional loss from Rahul Yadav’s controversial proptech startup 4B Networks. The company’s operating revenue stood at INR 589.5 Cr in Q3 FY23.
Info Edge’s operating revenue increased 6.4% year-on-year (YoY) to INR 627.1 Cr in Q3 FY24.
However, the company’s total revenue declined almost 32% YoY to INR 659.8 Cr in the reported quarter, hurt by a slump in its other income.
Meanwhile, on a quarter-on-quarter basis, Info Edge’s net profit declined 50.2% from INR 239.7 Cr reported in the prior quarter – Q2 FY24, and total revenue fell almost 17% from INR 792 Cr in the same quarter.
Which Segment Earned The Most?
Info Edge’s online recruitment platform Naukri.com recorded a revenue of INR 469.3 Cr in Q3 FY24, increasing 3.6% YoY.
On the other hand, its real estate portal 99acres.com’s revenue increased 12.1% YoY to INR 88.8 Cr in the reported quarter.
Its other segments, which comprise matrimony portal Jeevansathi.com and education platform Shiksha, witnessed an increase of 8.8% in revenue to INR 69 Cr in Q3.
On a QoQ basis, the revenue earned by Naukri.com and 99acres.com increased, but the other segment’s revenue declined over 2% from INR 70.6 Cr posted in Q2 FY24.
How Did The Company Spend?
Info Edge’s total expenses increased almost 7.7% to INR 455 Cr in Q3 FY24 from INR 422.5 Cr in the corresponding period of last year, with employee benefit expenses continuing to be the biggest contributor.
Employee Cost: Info Edge spent INR 278.4 Cr in this bucket in the reported quarter as against INR 255.1 Cr spent in Q3 FY23.
Network, Internet, Other Direct Charges: The company’s spending in this bucker increased almost 20% YoY to INR 18.7 Cr in Q3.
Ad Expense: The company’s advertising and promotional cost declined over 8.5% to INR 85.9 Cr in the reported quarter from INR 93.9 Cr in Q3 FY23.
Post its Q3 FY24 earnings announcement, shares of Info Edge ended Tuesday’s (February 13) trading session 0.8% lower at INR 5,340 on the BSE.
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