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Info Edge net profit soars 159% to Rs 80.06 crore due to tax writeback

Internet company Info Edge has posted a net profit of Rs 80.06 crore for the quarter ended September 2016. This was up a whopping 159.89% from Rs 30.8 crore from the same quarter last year. On a sequential basis, net profit was up 80.51% from Rs 44.355 crore. Info Edge runs online businesses such as Naukri, 99Acres, Jeevansaathi, Shiksha among others. Note that according to Indian Generally Accepted Accounting Principles (GAAP), net profit stood at Rs 98.7 crore. Info Edge registered a one time tax writeback of Rs 40.3 crore which added to the profit.  The company credited the rise in profit to higher operational income and better management of operating expenses. "It is worth mentioning that in the first half of the year Jeevansathi has grown 32% in revenue with almost EBITDA break-even and 99acres Revenue growth is 16% while the operating expenses are down by 22% YoY," CFO Chintan Thakkar said in a statement. Operational income stood at Rs 209.99 crore, up 20.68% from Rs 174.04 crore in the same quarter last year. On a sequential basis, operational revenue increased 6.28% from Rs 197.58 crore. Total expenses decreased 2.46% YoY to Rs 146.69 crore. Expenses fell 5.85% from Rs 155.8 crore from the preceding quarter. Employee costs increased 15.31% YoY to Rs 91.47 crore and decreased 5.01% on a sequential basis from Rs 96.3 crore. Advertising and promotion costs decreased by 40.95% YoY to Rs 22.12 crore and decreased 14.26% QoQ. Ad expenses accounted for 15.08% of the total expenditure this…

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