InfoEdge Q2 profit surges 24%; revenue up 11.5% to ₹593 cr

InfoEdge (India) Ltd has reported a 24% growth in its standalone net profit at ₹209 crore in the July-September quarter vs ₹168 crore in the year-ago quarter. On a standalone basis, Info Edge (India) recorded 11.5% growth in its revenue at ₹593 crore for the quarter ended September 30, 2023, as compared to ₹531.8 crore in the corresponding quarter of the previous fiscal.

Hitesh Oberoi, managing director and chief executive officer, InfoEdge says: “Good execution in 99acres and Jeevansathi business helped reduce burn in these verticals substantially during the quarter. The Non IT hiring market continued to be strong but a slowdown in IT hiring dragged down Naukri growth.”

99acres.com, the real estate vertical of InfoEdge continued its growth trend and delivered a strong performance in Q2 FY24, with revenue growth of 25.2%. The revenues in the recruitment business grew 9.1% year-on-year, the company says via a stock exchange filing.

The billing of the company for the quarter grew 4.8% year-on-year and stood at ₹569 crore. InfoEdge registered a growth of 26.8% in its operating profit, which stood at ₹218.9 crore on a standalone basis for the quarter ended September 30, 2023, as compared to a profit of ₹172.5 crore in Q2’23.

The standalone business generated cash from operations (before tax) of ₹250 crore for the quarter a growth of 14% YoY.

The infoedge board has also declared an interim dividend of ₹10 per share for the financial year 2023-24. The record date for the purpose of determining the name of the members eligible for receipt of the interim dividend has been fixed at will be Friday, November 17, 2023. The dividend will be paid on or after November 29, 2023.

Amid the development, the InfoEdge stock closed 0.82% up at ₹4,312.75 on the BSE. The shares opened ₹4,329.85 and rose to an intra-day high of ₹4,421.30, taking the company's m-cap to ₹56,217.40 crore. The InfoEdge shares have surged 5.23% in the past week; 3.09% in the past month; 11.59% in the past six months; 11.06% in the year-to-date period; and 11.88% in the past year.