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

naukri-Screen Shot 2014-10-28 at 7.44.12 am

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.

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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 quarter. In Q1 FY16 ad related expenses shot up and ad related costs represented 30% of the total expenditure. For context, advertising expenditure has typically been around 20% of total expenditure for the company.

Other Segment results

– Recruitment Solution (including Naukri) reported Rs 155.45 crore in revenues up 8.11% q-o-q. Recruitment solutions posted a Rs 84.82 crore in profit.

– Real estate portal (99acres) reported revenues of Rs 30.82 crore. Loss for the period stood at Rs 15.38 crore.

– Others, including Shiksha and Jeevansathi, reported Rs 23.72 crore in revenues and Rs 84.8 lakh in loss. Jeevansathi posted an operational EBITDA profit of Rs 65 lakh for the quarter ended June 30. The matrimonial service reported revenues of Rs 14.56 crore for the June quarter, showing a growth of 34% year-on-year (YoY).

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Other investments

– Info Edge invested an additional Rs 6 crore in BigStylist. With this, the company’s stake in Big Stylist is at 39% BigStylist runs an on-demand market place for beauty professionals and Info Edge has so far invested Rs 12.4 crore in the company.

– In August,  Info Edge acquired a majority stake in Canvera, a company which provides customized photobooks, and allows users to search and contact professional photographers in a city. Canvera raised Rs 20 crore in the round, of which 17.3 crore was from Info Edge, and the rest was from “certain existing and undisclosed investors”. This pushed Info Edge’s stake in Canvera to 57%.

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