Info Edge Posts Rs 88 Cr Profit in Q4 FY24
May 16, 2024 17:49
Info Edge, owner of Naukri.com, reported a net profit of Rs 87.9 crore in the January-March quarter, driven by strong performance in non-recruitment businesses like 99acres and Jeevansathi.
New Delhi, May 16 (PTI) Naukri.com owner Info Edge posted a consolidated net profit of Rs 87.9 crore in the fourth quarter ended March 31, 2024.
The company had registered a loss of Rs 503.1 crore in the year-ago period.
The consolidated revenue of operations increased 8.7 per cent to Rs 657.42 crore during the quarter under review from Rs 604.78 crore a year earlier.
Info Edge (India) recorded 7.9 per cent growth in its revenue from operations at Rs 608.3 crore on a standalone basis for the quarter ended March 31, 2024, compared to Rs 564.0 crore in the corresponding quarter of the previous fiscal.
"The recruitment business witnessed an uptick in Q4 performance whereas non-recruitment businesses continued to deliver robust performance.
"Revenues growth in the recruitment business was 3.4 per cent year on year and for non-recruitment business verticals namely 99acres.com (the real estate vertical), Jeevansathi.com (the matrimony business), and Shiksha.com (the education business) was 22.5 per cent, 29.2 per cent, and 22.2 per cent respectively," the company said in a statement.
For the year ended March 31, 2024, Info Edge reported a profit of Rs 594.55 crore. The company has registered a loss of Rs 70.45 crore in FY23.
The annual revenue from operations of the company increased by 8.12 per cent to Rs 2,536.34 crore during the reported fiscal from Rs 2,345.69 crore in 2022-23.
"I am encouraged to see a slight rebound in our recruitment business after several weak quarters. Excellent execution in both 99acres and Jeevansathi helped reduce operational losses in these verticals from Rs 198 crore in FY'23 to Rs. 68 crore in FY'24 with Rs. 21 crore cash generation in Q4," Info Edge, Managing Director and Chief Executive Officer, Hitesh Oberoi said.
The valuation of investment of Info Edge in Zomato and PG Fintech turned positive during FY'24.
Info Edge investment valuation grew to 15,731 crore in Zomato from a loss of Rs 3,759.4 crore a year ago. Similarly, Info Edge investments in PB Fintech grew to Rs 1,335.5 crore during FY'23, according to the regulatory filing.
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