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Info Edge reports Rs 47.1 crore in profit in Q3-FY17

Info Edge, which owns Naukri.com, Jeevansathi, 99Acres, Shiksha.com, among others, has reported a net profit after tax (on a standalone basis) of Rs 47.1 crore for the quarter ended December 31, 2016 (Q3 FY17), up 117% from Rs 21.7 crore profit in the same quarter last year. On a sequential basis, net profit was down 41% from Rs 80.06 crore last quarter, when it had an additional income of Rs 40.3 crore owing to a one time tax writeback.

  • Total income, including other income, increased 12% year on year to Rs 217.7 crore for the quarter.
  • Net sales for the company grew to Rs 186.1 crore for the quarter, up 7% from Rs 173.4 crore in the same quarter last year and down 11% from Rs 210 crore in the preceding quarter. Note that Q3 is typically Info Edge’s weakest quarter in the year.
  • Recruitment Solutions (including and mostly Naukri.com) reported Rs 140.43 crore in revenues up 6.8% year on year. Recruitment solutions posted a Rs 71.14 crore in profit.
  • Real estate portal (99acres) reported revenues of Rs 26 crore, marginally lower than Rs 26.4 crores for the same quarter last year. Loss for the period stood at Rs 16.7 crore, lower than 22.1 crore for the same period last year, but higher than the Rs 15.38 crore reported last quarter. Info Edge has used 134.2 crore of its Rs 750 crore QIP proceeds as working capital for 99Acres. The company had raised Rs 750 crore in the Q2 FY16, by selling 10.13 million shares of face value Rs 10 each, for an issue price of Rs 740 per share.
  • Other segments, including Shiksha and Jeevansathi, reported Rs 19.6 crore in revenues, up from Rs 5.53 crores from Q3 last year, and Rs 7.8 crore in loss, higher than the Rs 5.53 crores reported in Q3 last year.

Notes on financials

  • Employee costs increased 17% year on year to Rs 93.8 crore.

  • Advertising and promotion costs decreased by 32% compared with the same quarter last year to Rs 18.4 crore and decreased 17% quarter on quarter. Ad expenses accounted for 15% of the total expenditure this quarter. For context, advertising expenditure used to be typically around 20% of total expenditure for the company, but has been lower for the last few quarters.

 

 

Info Edge’s investments

Download: Financials

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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