Info Edge (India) Limited on Friday reported its fiscal first quarter profit at Rs 232.90 crore, posting a growth of 46.8 per cent in comparison to Rs 158.60 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 676.71 crore, up 8.1 per cent as against Rs 625.95 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 222.2 crore, up 10.4 per cent YoY.
While the recruitment solution business recorded a revenue of Rs 487.18 crore during the quarter, 99acres for real estate posted Q1 revenue at Rs 98.79 crore.
On a standalone basis, Info Edge posted revenue from operations at Rs 638.9 crore, up 9.3 per cent as compared to Rs 584.3 crore in the corresponding quarter of the previous fiscal. The recruitment business continued the uptick in Q1, whereas non-recruitment businesses also continued to grow with reduced operating losses, it said in a regulatory filing.
Revenues growth in the recruitment business was 5.6 per cent on-year and for non-recruitment business verticals namely 99acres (the real estate vertical), Jeevansathi (the matrimony business), and Shiksha (the education business) was 19.5 per cent, 34.7 per cent, and 18.4 per cent respectively. Billings for the company on a standalone basis for the quarter grew by 10.8 per cent YoY and stood at Rs 579.3 crore.
Hitesh Oberoi, Managing Director and Chief Executive Officer, Info Edge (India), said “Cash losses from our non-recruitment businesses have decreased by 73 per cent to Rs 16.5 crore in Q1FY25, driven by an 18 per cent YoY increase in billings and controlled cost increases. Our matchmaking business, Jeevansathi, is nearing breakeven in Q1. The core recruitment business, which experienced several weak quarters last fiscal year, continued to demonstrate growth in Q1 as well.”
Chintan Thakkar, Director and Chief Financial Officer, Info Edge (India), said “Despite the challenging environment, we generated approximately Rs 174 crore of cash from operations in Q1FY25, representing a YoY growth of over 20 per cent. As of June 30th, 2024, our cash balance stood at Rs 4,255 crore, underscoring the strength of our balance sheet. This consistent cash flow generation highlights our company’s robust financial health and establishes a solid foundation for future investments and shareholder returns.”
Furthermore, the company board, based on the recommendation of the Nomination and Remuneration Committee approved the appointment of Aayush Rathi as Senior Vice President – Revenue Growth Strategy in Revenue Growth Naukri and Senior Management Personnel of the company with effect from August 12, 2024.