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Q2-09: Info Edge Records Net Profit of Rs. 15.67 crores; Revenues Increase By 24% To 72.31 Crores, As Indicated

(Updated) Readers may remember that Info Edge (Naukri) had mentioned in the press a few weeks ago that revenues will not increase as per expectations - and in a way, offered a revised guidance of 20-25 percent. The second quarter results (Q2-09) are in, and not surprisingly, within the revised guidance. Revenues for Q2 have increased to Rs. 72.31 crores ($14,53 million) - a growth of by 24 percent year on year. Of this amount, Rs. 65.41 crores was the Sales Income. Info Edge has reported a net profit of Rs. 15.67 crores, which is marginally up year-on-year from Rs. 15.14 crores, and not in line with revenue growth. According to Sanjeev Bikhchandani, MD of Info Edge, this is largely due to the Education business - the portal Shiksha.com - which has taken up significant investment. This is reflected in a  significant increase in employee costs as well, which have increased year-on-year to Rs. 25.41 crores, from 17.46 crores in Q2 last year, and Rs. 24.34 crores last quarter. According to Bikhchandani: "We invested Rs. 8.6 crores at the EBITDA level in our new businesses (Jeevansathi, 99acres, Shiksha, Brijj and Allcheckdeals) in July-Sept 2008. This number was at Rs. 2.9 crores in the same period the last year. This represents an increase of Rs. 5.7 crores in investments in new businesses. If we had maintained investments in new businesses at the same level as last year then operating EBITDA in July–Sept this year would have been Rs. 21.4 crores as…

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