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InfoEdge Q4-FY13 Concall: 99Acres & Jeevansathi Loss; On Investments & Future Plans


Info Edge Ltd, which owns Naukri.com, 99Acres, Jeevansathi.com and Shiksha.com, among others, had reported a Net Profit after tax (on a standalone basis) of 102.25 crore, down 16.62% for the year ended 31st March 2013, from Rs 122.62 crore the previous fiscal year on a standalone basis. The sales however grew to Rs 434.90 crore from Rs 375.64 crore in FY12. Here are some notes from Info Edge’s investor conference call:

Recruitment Business: Recruitment top line increased by 4% to 88 crore. EBITDA margin was at 49%, down from 54% in the same quarter last year. EBITDA margin in Naukri was at 54% for the quarter, down from 58% in the same quarter last year. Naukri added an average of 12,000 fresh CVs everyday and the average CV modifications were at 116,000 per day. Naukri currently has a database of more than 33 million CVs.

Naukri Customers: Naukri serviced 26,000 unique customers during the quarter, up from 25,000 customers in the same quarter last year. For the entire fiscal FY13, Naukri serviced 48,000 customers, up from 46,000 customers in FY12.

99Acres Business: 99Acres’ top line increased by 41.6% to Rs 15.5 crore during the quarter. For the full year FY13, the top line grew by 48% to Rs 51 crore. The company said that 99acres made a small profit during the quarter but in the full year, it lost 0.8 crore. The paid listings were at 0.43 million for the quarter, up from 0.32 million last year. Info Edge CEO Hitesh Oberoi said that the company is experiencing a lot of real estate activity in the Northern India region, which is their largest market, but they continue to experience growth in every city they operate in.

Jeevansathi In Loss: The net sales of Jeevansathi.com grew 27% year on year (YoY), however it reported an EBITDA loss of Rs 7.5 crore for the full year 2013. The average number of profiles acquired on a daily basis declined to 1,516 profiles in FY13, down from 2,036 profiles in FY12, however the average number of paid customers increased to 87,052 customers in FY13, up from 78,369 in FY12. Oberoi said that Jeevansathi has been focusing on getting more registrations from the north Indian market for past few quarters.

Shiksha Sales Up 29%: The net sales of Shiksha grew by 29% YoY for the full year, however the company noted that the growth in net sales was a lot lower than collection growth since Shiksha sold more deferred products during the year as compared to last year.

Investments: During the quarter, InfoEdge invested Rs 30 crore in Meritnation to acquire a majority 54% stake in the company. It also invested Rs 55 crore in Zomato to acquire a majority 57.9% stake in the company. It invested an additional Rs 2.5 crore in PolicyBazaar and acquired Makesense Technologies for Rs 8 crore. It also wrote off its entire 29.3 crore investment in 99Labels. Info Edge CFO Ambarish Raghuvanshi informed that they have invested about Rs 150 crore in FY-13 and the total amount investment is a little over Rs 280 crore right now.

Allcheckdeals Financials: Property deals portal Allcheckdeals reported revenues of Rs 14.18 crore and an operating EBITDA loss of 0.72 crore for the financial year ended March 31, 2013 (FY13), in comparison to Rs 10.74 crore revenues and Rs 3.7 crore operating EBITDA loss in FY12.

Investee Financials: InfoEdge informed that PolicyBazaar, Mydala, Canvera, HappilyUnmarried and Floost have posted a combined operating revenue of Rs 86.58 crore and an operating EBITDA loss of Rs 45.6 crore for the financial year ended March 31, 2013 (FY13). In comparison, these companies had reported Rs 53.7 crore revenues and Rs 29.7 crore EBITDA loss in FY12. While the company didn’t disclose revenues of each company, Raghuvanshi said that PolicyBazaar and Canvera accounted for a large portion of these revenues.

Besides this, Zomato had reported revenues of Rs 11.38 crore and an EBITDA loss of Rs 10.03 crore for FY13, while MeritNation had reported revenues of Rs 9.82 crore and EBITDA loss of Rs 21.43 crore for FY13.

Future Plans: Info Edge CEO Hitesh Oberoi informed that they will continue investing on Naukri’s product development, in order to retain its leadership position, however the job market continues to be tight and will probably remain tight until the country’s economy improves. They will also continue to invest in 99Acres, Jeevansathi and Shiksha.

Effect of LinkedIn: Responding to an analyst question on competition from LinkedIn, Info Edge CEO Hitesh Oberoi said that they do view LinkedIn as a threat and the only way to counter this threat in medium term is by investing in Naukri’s product development.

On Mydala: Raghuvanshi said that MyDala revenues saw a significant growth in the last 12 months, driven by its telco partnerships through which Mydala offers deals to their respective mobile subscribers and its merchant platform business. He also added that Mydala has now evolved into a merchant marketing platform.

DownloadConference Call | Transcript

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