Info Edge (India) Limited on Tuesday recorded Q2 profit for the financial year 2023-24 at Rs 205.13 crore, up 99.1 per cent in comparison to Rs 103.01 crore during the second quarter of FY23. It posted revenue from operations at Rs 625.85 crore, up 3.6 per cent as against Rs 604.12 crore during the same period last year. The company EBITDA stood at Rs 205 crore for the quarter. While the total income during the quarter ended September 2023 came at Rs 792.01 crore, total expenditure incurred by the company during the period was at Rs 455.34 crore.
The company board also declared an interim dividend of Rs 10 per share, on face value of Rs 10 per share for the financial year 2023-24. “Record date for the purpose of determining the name of the members eligible for receipt of the Interim Dividend will be Friday, November 17, 2023. The dividend would be paid on or after November 29, 2023,” it said in a regulatory filing.
Meanwhile, on a standalone basis, revenue from operations stood at Rs 593 crore, up 11.5 per cent on-year as compared to Rs 531.8 crore in the corresponding quarter. 99acres.com, the real estate vertical of Info Edge, it said, continued its growth trend for the past few quarters and delivered a strong performance in Q2 FY24 with revenue growth of 25.2 per cent. The revenues for the quarter in the recruitment business grew 9.1 per cent year-on-year. Billing of the company for the quarter grew by 4.8 per cent year on year and stood at Rs 569 crore, it added.
The company registered a growth of 26.8 per cent in its operating profit which stood at Rs 218.9 crore on standalone basis for the quarter ended Sept 30, 2023 as compared to a profit of Rs 172.5 crore in Q2FY23. The standalone business generated cash from operations (before tax) of Rs 250 crore for the Quarter, a growth of 14 per cent YOY.
Hitesh Oberoi, Managing Director and Chief Executive Officer, said, “Good execution in 99acres and Jeevansathi business helped reduce burn in these verticals substantially during the quarter. The Non IT hiring market continued to be strong but a slowdown in IT hiring dragged down Naukri growth.”