Info Edge (India) announced a standalone net profit of 200 crore for the first quarter of FY24 on Friday, up from 148 crore in the same quarter of the previous fiscal, an increase of 34.7%.
In the March quarter (Q4FY23), the company reported a net loss of 503 crore rupees.
In Q1FY24, Info Edge’s standalone revenue from operations increased by 15.1% to 584.2 crore from 507.6 crore.
While the real estate sector saw a 24.6% YoY increase in revenues for the quarter, the recruitment sector saw a 15.3% YoY increase. According to Info Edge, billing for the quarter came in at $523 crore, down just 0.2% from the same period last year.
On a combined basis, Info Edge’s net profit decreased by 50% year over year to 147.4 crore, although sales increased by 14% to 626 crore.
“The IT hiring market continues to appear strong, but the Naukri business is experiencing challenges. 99acres’ growth is still going strong. Our Freemium strategy in Jeevansathi has assisted us in reducing burn over the past three quarters, according to Hitesh Oberoi, Managing Director and Chief Executive Officer of Info Edge.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 39% to 226.6 crore during the quarter from 163 crore, and the EBITDA margin increased to 38.8% from 32.1% year over year.
According to Chintan Thakkar, CFO and Whole Time Director at Info Edge, Shiksha and Jeevansathi business helped the company generate around 145 crore in cash from operations in Q1FY24 despite the difficult environment for hiring IT professionals, rise in Billings, and rationalization of spending in 99acres.
At 2:40 PM on the BSE, Info Edge share price was down 4.14%, selling for $4,458.00 per share.
