IT firm Info Edge reports loss of Rs 116.5 crore in December quarter

IT firm Info Edge posted a consolidated loss of Rs 116.5 crore in the third quarter ended December 31, 2022 mainly on account of write-off investment in property tech start-up 4B Networks

stocks, india inc, shares, markets, company, firms, BSE, exchange, earnings, results, profit, loss, dividend payout, tax
Press Trust of India New Delhi
2 min read Last Updated : Feb 10 2023 | 11:24 PM IST

IT firm Info Edge on Friday posted a consolidated loss of Rs 116.5 crore in the third quarter ended December 31, 2022 mainly on account of write-off investment in property tech start-up 4B Networks, dip in valuation of some investments and slowing down of the job market.

The company had posted a profit of Rs 4,601.87 crore in the same period a year ago.

According to the company filing, Info Edge wrote off Rs 519.93 crore in property tech start-up 4B Networks, led by former Housing.com founder Rahul Yadav.

"Investment in 4B Networks Pvt Ltd... amounting to Rs 5,199.31 million, (consisting of Rs 7,194.35 million Goodwill, Rs 807.73 million for net assets and reduced by non controlling interest payable of Rs 2802.77 million...) has been fully impaired," the filing said.

The filing showed fair valuation of Info Edge investments in Zomato recorded a negative value of Rs 365.87 crore from Rs 95.96 crore in the December 2021 quarter. The September 2022 quarter, the fair valuation in Zomato was Rs 1,019.6 crore.

The consolidated revenue from operations of Info Edge, however, increased by about 40 per cent to Rs 589.51 crore during the reported quarter from Rs 421.41 crore a year ago.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :IT firmsInfo Edge

First Published: Feb 10 2023 | 11:24 PM IST

Next Story