Info Edge Q1 Net Profit is up 85% YoY, to INR 292.4 Cr. Operating Revenue up 66 percent

Revenue from operations increased by 66% YoY, to the tune of INR 547.2 C in the initial quarter of the financial year 2022-23.

The total expenses jumped 95% YoY to 471.2 Cr during the quarter while employee benefit costs the main driver.

Info Edge said its recruitment solutions business posted’strong billing growth’ in the range of 65% to 75 percent for the fifth straight quarter.

Info Edge, an online classifieds business Info Edge has on Thursday (August 12) reported a 85percent year-on-year (YoY) increase in its net income for the period that ended June 2022, which was INR 292.4 Cr. However, the profit was lower by 60% on the QoQ basis. (QoQ) basis from the INR 719.6 Cr that was reported in the the March quarter.

In a yearly perspective operating revenue soared more than 66% to 547.2 Cr during the initial Q1 (Q1) of the fiscal years 2022-2023 (FY23) and increased by 15 percent on a QoQ-based basis.

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The total cost of Noida-based firm soared by 95% YoY , to 471.2 Cr. In this case, employee benefits costs were the biggest contributor with the sum of INR 278.7 Cr in the first quarter of FY23, which was up 76% over INR 157.7 Cr in the same period in the previous year.

The company’s stand-alone bill for the quarter in examination was INR 524.2 Cr, which was up 62.4 percent when compared with the same time last year. In a similar vein, EBITDA before interest tax, depreciation, and amortisation (EBITDA) for the first quarter of FY23 increased 56.8 percent YoY to 163.1 Cr. In contrast, the cash from operations that was not a part of the quarter was 164.5 Cr, an increase of 49 percent year-on-year.

Info Edge runs a recruitment platform Naukri.com Matrimony portal Jeevansathi.com and real site 99acres.com and a portal for education Shiksha.

Info Edge announced its recruitment services business had the company’s recruitment solutions business experience a 67.5 percent YoY increase in revenue, bringing it to INR 387.1 Cr in the last quarter. It was the fifth consecutive quarter of “strong” billing growth, which is in the range of 65% to 75% for the recruiting business, Info Edge declared.

The report also stated that the business of recruitment saw a 49% increase in new customers during the month that ended June 2022. Meanwhile, acquisitions like iimjobs as well as hirist and Zwayam have also posted strong results during the Q1 FY23.

“The recruiting business continues to expand strongly and we remain hopeful about the upcoming quarter too,” Info Edge MD and CEO Hitesh Oberoi stated.

In line with the same sentiment Info Edge CFO Chintan Thakkar stated, “Consistent superlative growth of revenue and profits over the past five quarters is proof of renewed energy within the company.”

Naukri.com’s Q1 FY23 revenues totaled INR 387.1 Cr, an increase of 67.5 percentage YoY, and Shiksha’s revenues grew 37.4 percent on a year-over-year base to reach INR 31.3 Cr.

Proptech platform 99acres its revenue increased 34.9 percent on a year-on-year base to 66.3 Cr in the first quarter of FY23. Meanwhile, matrimony platform Jeevansathi’s revenue for the quarter dipped 9.1 percent in INR 22.9 Cr.

Info Edge shares Info Edge closed 0.31 percent more higher, at the 4,431.35 INR 4,431.35 in the BSE on Friday.

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