Info Edge India Limited on Tuesday recorded its fiscal third quarter profit at Rs 151.09 crore against a loss of Rs 116.53 crore during the third quarter of FY23. It posted revenue from operations at Rs 627.12 crore, up 6.4 per cent in comparison to Rs 589.52 crore during the corresponding quarter of previous year.
On a standalone basis, the company recorded 7.2 per cent growth in revenue from operations at Rs 595.4 crore as compared to Rs 555.2 crore in the corresponding quarter of the previous fiscal. Non-recruitment business verticals namely 99acres.com, Jeevansathi.com, and Shiksha.com of Info Edge continued growth trajectory and delivered a strong performance in Q3FY24 with YoY revenue growth of 21.8 per cent, 23.0 per cent, and 23.3 per cent respectively.
The company said, “Despite the ongoing sluggishness in the IT sector hiring, the revenues from the recruitment business grew 3.1 per cent year-on-year. Billing for the company on a standalone basis for the quarter grew by 4.8 per cent year-on-year and stood at Rs 576.9 crore.
The company maintained its operating profit margins at 36.7 per cent of revenue and registered a growth of 7.0 per cent in its operating profit which stood at Rs 218.7 crore on a standalone basis for Q3FY24 as compared to a profit of Rs 204.4 crore in Q3FY23.
Hitesh Oberoi, Managing Director and Chief Executive Officer, said “Efficient execution in the 99acres and Jeevansathi businesses spurred top-line growth and helped reduce burn during the quarter. While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukrl’s growth.”
Chintan Thakkar, Director and Chief Financial Officer, said, “We’re pleased to report strong cash generation during the quarter. Our operating cash in Q3FY24 has grown by 12.7 per cent year-on-year, culminating in a quarter-end cash balance of Rs 3,724 crore. These results underscore our commitment to sound financial management and long-term value creation for stakeholders.”
