Info Edge reports dismal Q3 numbers

Info Edge (India) reported a standalone net loss of Rs 84.26 crore in Q3 FY23 from a net profit of Rs 336.37 crore recorded in Q3 FY22.

Revenue from operations jumped 33.4% to Rs 555.18 crore in the quarter ended 31 December 2022 as against Rs 416.08 crore posted in Q3 FY22.

Profit before exceptional items in Q3 FY23 stood at Rs 244.02 crore, up 59.78% from Rs 152.72 crore recorded in Q3 FY22. The company said that owing to concerns around uncertainty of funding environment for 4B Network, an impairment of Rs 276 crore has been charged as an exceptional item.

Total expenses rose 14.57% year on year (YoY) to Rs 350.77 crore in Q3 FY23. Employee benefit expenses was at Rs 226.2 crore (up 21.09%) and network and internet expenses was at Rs 11.07 crore (up 36.16% YoY) during the quarter. Advertising and promotion cost stood at Rs 74.62 crore (down 7.42% YoY)

Billing for the third quarter was at Rs 550.7 crore, up 14.5% YoY. Billing including acquired operating businesses (Zwayam and DoSelect) for the quarter stood at Rs 566.4 crore, recording a growth of 16.5% YoY.

In Q3 FY23, Recruitment Solutions billing was at Rs 434.6 crore (up 17.7% YoY), 99acres billing stood at Rs 71.1 crore (up 15.7% YoY), Shiksha billing was at Rs 27.8 crore (up 8.5% YoY). However, Jeevansathi billing declined 30.1% YoY to Rs 17.1 crore in Q3 FY23.

EBITDA surged 79.3% year on year to Rs 216.8 crore in the quarter ended 31 December 2022. Cash from operations in the third quarter stood at Rs 241.8 crore.

Hitesh Oberoi, managing director and chief executive officer of Info Edge, said, While we are seeing a slowdown in the IT hiring, the Non IT hiring market continues to be strong.

Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.

Shares of Info Edge (India) shed 0.36% to end at Rs 3,811 on Friday, 10 February 2023.

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