Info Edge faces fewer disruptions due to Covid-19 situation, stock trades flat

Most of its vendors continued to service the provision of essential goods and services during the lockdown period.

Jul 16, 2020 09:07 IST India Infoline News Service

Info Edge (India) Limited informed the exchanges Wednesday that different segments in the core operating businesses may experience a different level of stress in the business due to disruption and the rebound of normalcy would evolve over time.

B2B markets are more indexed to global and domestic economy, and particularly the job market and the property markets. B2C market for businesses such as “Jeevansathi” are expected to be relatively less impacted due to Covid-19 and pursuant lockdown to curtail its spread.

“As a response to the current disruption caused by the health crisis, businesses are expected to become more digital than ever before. We therefore intend to continue to invest in technology and innovation for long-term value creation,” company said.

With most of its vendors continuing to service the provision of essential goods and services during the lockdown period, the company did not face any disruption from supply chain or a technology continuity standpoint. The level of its services to customers has been managed through effective business continuity plans with least disruption.

There have been a few and sporadic requests from customers for the extension of the subscription period. The impact of such requests received so far is not considered material. All key processes such as billings, collections, vendor payments, payroll, servicing customers continue to run effectively in “work from home” environment.

“Our websites, digital platforms and customer-facing apps have been running smoothly. The internal control and financial reporting environment has been maintained effectively. Our offices are prepared to be in a ready-to-move position as we continue to monitor the evolving situation,” company said.

Info Edge (India) Ltd is currently trading at Rs3,037.70 down by Rs7.75 or 0.25% from its previous closing of Rs3,045.45 on the BSE.

Related Story

Open Free Demat Account (Rs699)