Info Edge logs profit backed by non-recruitment biz verticals in Q3 FY24
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Info Edge India Limited, the parent company of Naukri.com, on Tuesday reported 7.2 per cent growth in its revenue from operations at Rs 595.4 crore for the quarter ended Dec 31, 2023 as compared to Rs 555.2 crore in the corresponding quarter of the previous fiscal year.
The company registered a growth of 7 per cent in its operating profit which stood at Rs 218.7 crore in Q3 FY24, as compared to a profit of Rs 204.4 crore in Q3 FY23.
Non-recruitment business verticals namely 99acres.com (the real estate vertical), Jeevansathi.com (the matrimony business), and Shiksha.com (the education business) of Info Edge delivered revenue growth of 21.8 per cent, 23 per cent and 23.3 per cent (year-on-year), respectively.
“Efficient execution in the 99acres and Jeevansathi businesses spurred top-line growth and helped reduce burn during the quarter. While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukri's growth,” said Hitesh Oberoi, Managing Director and CEO.
Despite the ongoing sluggishness in the IT sector hiring, the revenues from the recruitment business grew 3.1 per cent (year-on-year).
“Our operating cash in Q3FY24 has grown by 12.7 per cent year-on-year, culminating in a quarter-end cash balance of Rs 3,724 crore,” said Chintan Thakkar, Director and CFO.
