Info Edge posts net loss of Rs 111.8 Cr in September quarter

Info Edge (India), which runs job portal naukri.com, on Tuesday reported a wider net loss of Rs 111.8 crore for the September 2019 quarter.

The company's net loss stood at Rs 40.7 crore in the year-ago period, Info Edge said in a regulatory filing.

However, its revenue from operations rose 17.6 percent to Rs 329.5 crore in the quarter under review from Rs 280 crore in the September 2018 quarter, it added.

Recruitment solutions and property portal 99acres contributed Rs 231.1 crore and Rs 57 crore, respectively, to the revenue.

The company's billing at Rs 300.5 crore was up by 15.3 percent over the corresponding quarter in FY 2018-19, a statement said.

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"We continue to witness strong quarterly operational performance in terms of billing, revenue, total income, and operating EBITDA growth, which are in high teens on year-on-year basis, supported by 99acres, which grew over 20 percent in terms of billing and revenue during the quarter on y-o-y basis," Info Edge (India) Chief Financial Officer Chintan Thakkar said.

He added that the company continues to leverage its strong cash surplus position to invest in technology and branding.

Over the years, Info Edge has actively invested in startups such as Zomato, Happily Unmarried, and others. And it continues to actively scout for more startups to invest in as early-stage investors, “being most likely to cut the first or second cheque”.

“We go more by the quality and strength of the managing team than anything else. It should ideally be India-specific, but nothing is cast in stone,” Hitesh Oberoi, MD and CEO of Info Edge told YourStory recently. In fact, it has a dedicated corporate development team that looks for companies to invest in or acquire.

In May 2019, the company also acquired Highorbit Careers, which owns iimjobs and hirist.com.

(Disclaimer: Additional background information has been added to this PTI copy for context)

(Edited by Evelyn Ratnakumar)

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