A few industry executives contacted us after the Info Edge results, wondering about how it is that the companys net sales are down only 9.95% quarter on quarter, despite the job market having tanked. The answer lies in the way Info Edge accounts their sales - money from clients who pay for a 12 month package is split and added month on month, and hence sales revenues are deferred. This means that while one is unlikely to see a significant dip in sales, quarter on quarter, one is also unlikely to see a sharp increase. In Naukri, Info Edge accounts sales only on collection, and has debtors only for Quadrangle and All Check Deals. At the end of the October-December quarter (Q309), the deferred sales revenue for Info Edge was Rs. 48 crores, and, according to Sanjeev Bikhchandani on the earnings call,…
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