Naukri parent Info Edge grows Q2 consolidated revenues 18%; losses widen to Rs 109 crore

Naukri parent Info Edge grows Q2 consolidated revenues 18%; losses widen to Rs 109 crore
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12 Nov, 2019

Noida-based consumer internet company Info Edge reported an 18% growth in its consolidated revenues for the quarter ended September at Rs 329 crore. The growth was led by income from recruitment platform Naukri.com and real estate marketplace 99acres.com.

The company's recruitment solutions (Naukri) saw revenues increase to Rs 231 crore from Rs 191 crore. Real estate income (99 acres) rose to Rs 57 crore from Rs 45 crore.

"We continue to witness strong quarterly operational performance in terms of billing, revenue, total income and operating growth, which are in the high teens on year-on-year basis," said Info Edge CFO Chintan Thakkar in a statement.

"We continue to leverage our strong cash surplus position to invest in technology and branding," he added.

Operationally, the company's profits grew 20% to Rs 99 crore. However, consolidated losses widened to Rs 109 crore from Rs 37 crore as the company absorbed losses made by its investee companies. In the September quarter, Info Edge saw losses at Rs 192 crore from its joint ventures and associates against Rs 144 crores in the previous corresponding period.

Other than Naukri and 99acres, the company also owns matrimony portal Jeevansathi.com and education platform Shiksha.com.

Info Edge holds stakes in several startups such as foodtech unicorn Zomato, insurance aggregator Policybazaar, photography portal Canvera, and lifestyle products firm Happily Unmarried. The company has also investments in startups such as B2B ecommerce platform Shopkirana, trade intermediary catalogue Wishbook, and digital healthcare platform Medcords.

Recently, Info Edge invested in online test preparation platform Adda247 and real estate intelligence startup Terralytics Analysis. Last month, Greytip Software, a human resources automation services provider, raised almost $5 million from Info Edge.

The company also declared an interim dividend of Rs 2.5 rupees per share.

On a standalone basis, Info Edge reported a 19.5% growth in revenues in the second quarter to Rs 316 crore and a massive 88% decline in net profits to Rs 9.2 crores. The company's bottomline eroded as it took a Rs 75 crore hit on investments made by its subsidiaries Startup Investment Holdings and Applect Learning System.