Info Edge gains 2% after Q1 numbers; EBITDA up by 3.5%

However, its sales declined 10.85% to Rs285.05cr in the quarter ended June 2020 as against Rs319.74cr during the previous quarter ended June 2019.

Sep 08, 2020 10:09 IST India Infoline News Service

Info Edge
Shares of Info Edge gained after the company declared its Q1 results. The company reported consolidated net profit at Rs93.66cr as compared to Q1FY20, when it reported a loss of Rs190.91cr.

However, its sales declined 10.85% to Rs285.05cr in the quarter ended June 2020 as against Rs319.74cr during the previous quarter ended June 2019.

Operating EBITDA at Rs104.6cr, up by 3.5% over the corresponding quarter in FY19-20.

The stock is currently trading at Rs3,345.25, up by Rs53.35 or 1.62% from its previous closing of Rs3,291.90 on the BSE.

Info Edge recorded Billing of Rs188.6cr for the quarter ended June 30, 2020, compared to Rs336.3cr in the quarter ended June 30, 2019, down by 43.9%.

The deferred sales revenue (amount collected in advance) as at June 30, 2020, was also down by 25% at Rs371.7cr over the quarter ended June 30, 2019.

Commenting on the results, Chintan Thakkar, CFO said “We continue to evaluate the unfolding situation of the pandemic. Work from home and business continuity plan is operating satisfactorily. The Billings are down by 43.9% in Q1FY’21 on yoy basis as a result of the nationwide lockdown. However, the immediate impact on the Revenue tends to be lower as we recognize the Revenue over the tenure of the contract. We have adopted a disciplined approach to discretionary spend in areas like Marketing. As a combined effect, operating margin is at 37.3% for the quarter as compared to 32.3% for the same quarter previous year.

The scrip opened at Rs3,400 and has touched a high and low of Rs3,419.85 and Rs3,311.35 respectively.

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