Home Stock Market Info Edge India Q2 revenue and profit increase despite slowdown in IT hiring.

Info Edge India Q2 revenue and profit increase despite slowdown in IT hiring.

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Info Edge India Q2 revenue and profit increase despite slowdown in IT hiring.

Info Edge India Reports Q2 Revenue Rise and Profit Surge Despite IT Hiring Slowdown

Info Edge India Ltd. Reports Revenue Growth and Increased Profitability

Info Edge India Ltd. has announced that its revenue for the September quarter has risen by 4% to Rs 626 crore ($83.4 million) compared to the previous year. Despite a slowdown in IT hiring, the company’s recruitment platform, Naukri, experienced slowed growth. However, Info Edge India saw a significant surge in profit, with a 76% increase to Rs 262 crore ($34.9 million). This surge is attributed to reduced operational costs.

Standalone Revenue and Revenue Surge in Real Estate Segment

The company’s standalone revenue increased by 11.5% to Rs 593 crore ($79 million) from the previous fiscal year. Info Edge India’s real estate segment, 99acres.com, witnessed a revenue surge of 28% to Rs 87 crore ($11.6 million). Despite the slowdown in IT hiring, the recruitment business still managed to post a growth of 9.1%.

Quarterly Billings and Operating Profit

Info Edge India’s quarterly billings amounted to Rs 569 crore ($75.8 million), marking a rise of 4.8%. The operating profit was reported at Rs 218.9 crore ($29.2 million), representing a 26.8% increase from the previous year. Info Edge generated Rs 250 crore ($33.3 million) in cash from operations, reflecting a year-on-year growth of 14%.

Positive Financial Outcomes Despite Industry Challenges

CEO Hitesh Oberoi credited the reduction in burn across verticals to effective execution in the non-IT hiring market and Jeevansathi business. This indicates a strategic shift in focus that has resulted in positive financial outcomes for the company despite industry-wide challenges in the IT sector.

InvestingPro Insights

Based on real-time data from InvestingPro, Info Edge India Ltd. boasts a high P/E ratio of 83.7. This suggests that the market has high expectations for the company’s future earnings growth. Additionally, Info Edge’s EPS stands at 2.36, indicating profitability on a per-share basis. With a substantial market cap of $8.7 billion, Info Edge continues to be a significant player in its sector.

InvestingPro Tips

Potential investors should take into account Info Edge India’s high P/E ratio, which could be indicative of high future earnings growth expectations. Furthermore, the positive EPS suggests profitability, making it an attractive investment option. For more insights like these, consider exploring the InvestingPro platform, which offers numerous additional tips for informed investing decisions.

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