Info Edge billings recover in Q3, announces investment in broker network platform
Noida headquartered internet company, Info Edge, reported a year-on-year decline of 20.6% in net profit for the third quarter of financial year 2019-20 at Rs 69.87 crore.
Net sales revenue of the company for the quarter stood at Rs 272.3 crore, down 15% for the corresponding quarter in the year before.
The billing for the quarter stood at Rs 297 crore, down 1% as compared to the corresponding quarter in the previous financial year, indicating recovery from loss of business due to Covid-19 pandemic.
“We have witnessed continued recovery during the quarter. The billings are up by 19% quarter over quarter basis. The recruitment solution and 99acres billing are nearing pre-pandemic levels on a year-on-year basis,” Chintan Thakkar, CFO at Info Edge said in a statement.
The segment-wise revenue for the recruitment solutions vertical for Q3 2019-20 189.5 crore, down 17.6% year-on-year, while the revenue for 99acres segment fell 22.8% year-on-year to Rs 44.8 crore.
The operating EBITDA of the company fell by 35.6% year-on-year to Rs 105.9 crore for Q3 of financial year 2019-20.
Info Edge operates recruitment solutions business including jobs portal Naukri.com, real estate business 99acres.com, matrimony services provider jeevansathi.com and education related services under Shiksha.com.
Separately, the company announced an all-cash strategic investment of Rs 9 crore through its wholly-owned subsidiary in Mumbai-headquartered broker network platform provider, 4B Networks Private Limited. Following the investment, Info Edge owns 12.3% shareholding in 4B.
“As part of the company's strategic investments, the investment would help the company to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently,” said a filing made by Info Edge with the market regulator.