Info edge

Info Edge India Ltd., the parent company of Naukri and 99Acres, posted standalone operating revenue of INR23.8 billion ($285 million U.S.) for the 12 months to March 2024 (FY23-24), up 10.3% year-on-year (y-o-y), according to its latest financial reporting.

Recruitment marketplace Naukri remained the primary income driver, while real estate marketplace 99Acres made a recovery after a protracted downturn.

Naukri’s revenue rose by 7.4% to INR18 billion, while that of 99Acres grew by 23.4% to INR3.5 billion.

“I’m encouraged to see a slight rebound in our recruitment business after several weak quarters. Excellent execution in both 99Acres and Jeevansathi helped reduce operational losses in these verticals,” Info Edge CEO and MD Hitesh Oberoi commented in a press release. The company managed to significantly reduce 99Acres’ losses in FY23-24.

Expenses grew by 6% y-o-y in FY23-24, largely driven by employee benefits. Finance costs rose 4X in the year, but it reduced advertising costs by 13%. As a result, Info Edge’s profit after tax (PAT) more than doubled (up 102%) to INR8.3 billion in FY23-24 from NR4.1 billion in FY22-23.

In the three months to March 31, 2024 (Q4 FY23-24), operating revenue at Info Edge rose 7.8% y-o-y, while PAT grew 17.8% despite both Naukri and 99Acres being briefly delisted from the Play Store during the quarter due to non-compliance with Google’s billing policies.

Info Edge CFO and director Chintan Thakkar said: “Our cash from operations grew by 13.2% y-o-y in Q4, reaching a cash balance of INR41.9 billion 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.”

Info Edge has ramped up its investments in the new financial year, recently investing INR300 million each in both Naukri and another subsidiary Redstart Labs.

Info Edge has more than 4,500 employees in 66 offices across 45 cities in India and the Middle East.

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