Info Edge profit rises 85% on strong growth in recruitment business
Pure play internet firm, the parent company of , reported an 85% surge in consolidated net profit in the June-ended quarter of FY23 compared to the year-ago period, driven by strong growth in its recruitment business.
Info Edge’s net profit rose to Rs 292 crore from Rs 158 crore in the same quarter last year. Sequentially, its net profit after tax (PAT) slipped 59% from the final quarter of FY22.
The internet company’s consolidated revenue rose 66% to Rs 547 crore on the back of five consecutive quarters of strong billing growth in the recruitment vertical. Its recruitment business recorded 49% growth in new customers, and billing growth was witnessed across all industry verticals (IT and Non-IT).
The Naukri parent’s recruitment business revenues—including acquired businesses (Zwayam and DoSelect)—stood at Rs 400 crore, up 73% year-over-year and billing grew 70% YOY to Rs 428 crore.
This included Naukri India billing, which surged 72% to Rs 354 crore in the June-ended quarter. The segment’s EBITDA for the period stood at Rs 231 crore, up 80.2% YOY.
Info Edge MD and CEO Hitesh Oberoi.
“The recruitment business continues to grow strongly and we remain optimistic for the current quarter as well,” Hitesh Oberoi, MD and CEO, Info Edge (India) Ltd., said in a media release.
The company’s education unit Shiksha's revenue grew 37% YOY to Rs 31 crore and its EBITDA margin was 20% for the quarter at Rs 6 crore. The firm said with the increasing traffic of students travelling abroad for studies, the Shiksha business team sees strong potential for growth in this market.
, the firm’s matrimonial website’s revenue was down 9.1% at Rs 23 crore in the last quarter. Its revenue was impacted by a new strategy to drive traffic, according to the company. Jeevansathi posted a loss of Rs 28 crore for the quarter.
Info Edge’s real-estate platformreported revenues of Rs 66 crore, up 35% YOY. On account of high advertising and promotional spending in the quarter, the unit reported an EBITDA loss of Rs 35 crore.
Info Edge is one of the biggest internet firms in India and operates other brands such as workplace discover platform AmbitionBox.com and has stakes in several online firms. Its top competitors include Monster.com’s parent Quess Corp, which reported 52% net profit in the June-ended quarte