Updated With QoQ Charts
Infoedge India (Naukri), the Internet company owns portals such as Naukri, 99 acres, JeevanSathi, Shiksha, Brijj and career guidance site AskNaukri, has reported a Net Profit Of Rs. 133.04 million for the quarter ended June 2009 (Q1-10), up from Rs. 129.72 for Q1-09, but down sequentially from Rs. 138.29 million last quarter. Q1 is usually a weak quarter for Info Edge, in comparison with Q4. EBITDA increased by 5.6% at Rs.219.12 million as compared to the corresponding quarter in FY 08-09.
Details: Financials | Release
According to CFO Ambarish Raghuvanshi, “the results reflect the weakness in the main recruiting segment in line with macro economic trends. The silver lining is that hiring is close to bottoming out and the competitive position has improved. We continue to invest in product, technology and analytics.”
The YoY increase in profits is despite a decrease in Net Sales at Rs. 529.03, down from Rs. 631.23 for the same quarter last year. On a sequential basis, sales were down as well, from Rs. 577.015 million last quarter.
The profitability appears have improved on account of a reduction in cost: employee cost declined to Rs. 208.58 million in Q1-10, from Rs. 243.49 million in Q1-09; Advertising and Promotion costs were down to Rs. 90.73 million from Rs. 121.43 million last year. At the operating level, profit after tax was Rs.73.06 million.
Other income has also increased to Rs. 90.3 million in Q1, up year on year from Rs. 40.2 million last year. According to the notes to accounts, the company has invested Rs. 139.83 million in acquisition/strategic alliances.
Jeevansathi And 99Acres
The company says that losses in Jeevansathi and 99Acres have reduced considerably during the quarter. The other verticals segment, apart from recruitment services, incurred a loss of Rs.44.19 million as compared to Rs.76.21 million at the EBITDA level for the same quarter last year. Jeevansathi.com has achieved a growth in Revenues at 26.8%.
We’ll update shortly with a quarter on quarter comparison for Info Edge. Do look up the revenues of Jeevansathi and 99 Acres in the Info Edge’s Annual Report.