Info Edge (India) Shines with 34.7% Q1FY24 Profit Growth

11 Aug 2023 , 03:35 PM

Info Edge (India) reports standalone net profit of Rs 200 crore for Q1FY24, marking a growth of 34.7% YoY. Net profit rebound from a loss of Rs 503 crore in the previous quarter (Q4FY23).

Standalone revenue from operations rises 15.1% to Rs 584.2 crore, up from Rs 507.6 crore in the corresponding period. Revenues in recruitment business grow by 15.3% YoY, while real estate business sees an impressive 24.6% YoY growth.

Billing for the quarter experiences a marginal decline of 0.2% YoY, amounting to Rs 523 crore. Consolidated net profit drops 50% YoY to Rs 147.4 crore, while revenue rises 14% to Rs 626 crore. Challenges in IT hiring, but non-IT hiring remains promising for Naukri business. Growth continues in 99acres, while Jeevansathi adopts Freemium strategy for marketing efficiency.

EBITDA rises by 39% to Rs 226.6 crore, EBITDA margin expands to 38.8% from 32.1% YoY. Cash flow of around Rs 145 crore generated from operations in Q1FY24, attributed to prudent growth strategies.

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