Info Edge earns Rs 60 Cr net profit in Q4 FY24 as it cuts back on advertising

Consumer internet company Info Edge (India), which operates the job portal Naukri, reported a net profit of Rs 60.38 crore for the fourth quarter of FY24, bouncing back from a loss of Rs 272.82 crore during the similar period a year ago.

However, its net profit was reduced by over 60% on a sequential basis—down from Rs 151 crore earned in Q3 FY24.

The company earned Rs 657.4 crore in revenue from operations during the quarter ended March 21, 2024—8.7% year-on-year (YoY) growth.

Commenting on the results, Info Edge Managing Director Hitesh Oberoi said, “I’m encouraged to see a slight rebound in our recruitment business after several weak quarters."

For FY24, Info Edge earned a total profit of Rs 575 crore—a turnaround from the Rs 107 crore loss incurred in FY23. While its revenue increased 7.7% to Rs 2,950 crore in the fiscal year, it marginally reduced its expenses on the back of advertisement costs slashing by over 16%.

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The flagship business of Info Edge, Naukri.com, recorded a revenue of Rs 480.5 crore for the quarter—a 4.5% annual growth. The real estate segment, 99acres, registered a revenue of Rs 92.6 crore, growing 22.6% YoY.

According to Oberoi, the excellent execution in both 99acres and Jeevansathi helped reduce the operational losses in these verticals from Rs 198 crore in FY23 to Rs 68 crore in FY24, with Rs 21 crore cash generation for the fourth quarter.

Info Edge CFO Chintan Thakkar said, “Our cash from operations grew by 13.2% year-over-year in Q4 FY24, reaching a cash balance of Rs 4,191 crore as of March 31, 2024.”

“This consistent performance in cash-flow generation underscores our company's robust financial health and positions us well for future investments and shareholder returns,” he further added.