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Q3-09: Naukri Reports Profit Of Rs. 172.12M, Revenues At Rs. 701.76M; Net Sales Down 9.95%

Info Edge (Naukri) has reported a net profit of Rs. 172.12 million for the quarter ending December 31st 2008, up 9.84% from the last quarter, and 23.94% from the corresponding quarter last fiscal. Most importantly, Net Sales is down 9.95% quarter on quarter, though it is up 7.13% year on year. Info Edge has also reported a total income of Rs.701.76 million compared to Rs.600.96 million in the corresponding quarter last year. Ambarish Raghuvanshi, CFO and Director, Info Edge (India) has said that growth is slowing, and the business environment continues to be difficult and especially in the hiring space.” EBITDA for Info Edge increased to 261.99 million, up from 224 million last quarter, and 208.33 from the same quarter last year. 

The company has, so far, spent Rs. 109.29 million in acqusition/strategic alliances

q309-snapshot-infoedge

Increase in Other Income
At Rs. 112.55 million, there’s been a significant rise in Other Income, since they exited Fixed Maturity Plans, and books gains, instead of booking them at maturity. Other income amounts to 65.39% of Net Profit, compared to 43.9% last quarter.

JeevanSathi and 99Acres
Verticals other than Naukri.com – 99acres.com and Jeevansathi.com incurred a loss of Rs.49.44 million as compared to Rs.33.01 million at the EBITDA level for the same quarter last year. For the nine month period ended Dec 31, 2008 the loss at the EBITDA level is Rs.211.93 million compared with Rs.105.55 in the last year. In terms of revenues, the company says, 99acres.com and Jeevansathi.com have grown by 37.4% and 27.2% respectively.  

An interesting aside to the financials is the announcement from Info Edge that their “whole-time Directors have given a disclosure to the Audit Committee that during the quarter ended December 31, 2008 they have not pledged/ hypothecated any of their holding in the Company and have not alienated any interest or rights therein. The Company also conducted a special audit through a third party auditing firm to confirm Cash, Bank Balance and Investments on 31st December 2008, in addition to the usual audit procedures performed by the internal and statutory auditors.”

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Related: Job Listings On Naukri.com Decline By 22.4% Since July

Disclosure: I own an inconsequential number of shares of Info Edge

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