Internet company Info Edge, which owns Naukri.com, Jeevansathi, 99Acres, Shiksha.com, among others, has reported a net profit of Rs 32.86 crore for the quarter ended March 2017 (Q4 FY17). On a sequential basis, net profit was down 30.24% from Rs 47.1 crore but on a year-on-year basis, Info Edge’s net profit was down 15.57% from Rs 38.92 crore.
The company said that net profit was down due to an exceptional item of Rs 3.98 crore. The exceptional items represent additional provisions for bonuses and investments in Canvera Digital Technologies and other subsidiaries.
Total Income stood at Rs 249 crore up by 10.9% over the corresponding quarter in FY 2015-16. Info Edge recorded net sales (Revenue) of Rs 223.8 crore for the quarter ended March 31, 2017 compared to Rs 204.2 crore in quarter ended March 31, 2016, up 9.6%.
- Recruitment Solutions (including and mostly Naukri.com) reported Rs 155.49 crore in revenues up 9.25% year on year. The segment posted Rs 84.39 crore up 19.9%.
- Real estate portal (99acres) reported revenues of Rs 27.49 crore, marginally Rs 279.53 crore. Loss for the period stood at Rs 12.97 crore compared to Rs 18.61 crore in the same period last year.
- Other segments, including Shiksha and Jeevansathi, reported Rs 25.44 crore in revenues compared to Rs 22.76 crore. The segment posted a loss of Rs 4.49 crore compared to Rs 2.63 crore in the same quarter last year.
Info Edge has used Rs142.89 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.
– Costs related to employees continued to be the largest expenditure for Info Edge. It stood at Rs 93.57 crore compared to Rs 93.086 in the same quarter. Employee costs amounted to 62.02% of the total expenditure.
– Advertising and promotion costs stood at Rs 21.7 crore increasing just 2.15% compared to Rs 21.17 crore in the same quarter last year. Ad expenses accounted for 14.39% 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.
During the quarter, Info Edge bought AmbitionBox for an undisclosed amount. AmbitionBox is a discovery platform for job-seekers and provides information on the company, interview experiences, and workplace reviews. With this, Info Edge bought AmbitionBox’s domain, content, and business. Founders Mayur Mundada and Subramanya TH will join the company to develop the site.
Download: Press release and financials