Info Edge Q2 Results: Profit rises 24% YoY to Rs 209 crore; co declares Rs 10 dividend
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Revenue from operations grew 11% to Rs 593 crore in the reporting quarter as compared to Rs 532 crore in the corresponding quarter of the previous fiscal.
The Board has declared an interim dividend of Rs 10 per share for the financial year 2023-24. The record date for the purpose of determining eligible shareholders is fixed as November 17.
The dividend would be paid on or after November 29.
99acres, the real estate vertical of Info Edge, continued its growth trend and delivered a revenue growth of 25% in the July-September period.
The revenues for the quarter in the recruitment business grew 9% year-on-year (YoY). Billing of the company rose 5% YoY during the reporting period and stood at Rs 569 crore.
Revenue from other businesses fell to Rs 70.5 crore in the second quarter, compared with Rs 98.5 crore in the same quarter of last year.The company registered a growth of 27% in its operating profit at Rs 219 crore on the standalone basis for the quarter ended September 2023.
The profit before tax (PBT) of the company was at Rs 277 crore, up 25% year-on-year from Rs 222 crore posted in the previous year quarter.
The standalone business generated cash from operations (before tax) of Rs. 250 crore for the quarter, showing a growth of 14% year-on-year.
“Good execution in 99acres and Jeevansathi business helped reduce burn in these verticals substantially during the quarter. The Non-IT hiring market continued to be strong but a slowdown in IT hiring dragged down Naukri growth,” said Hitesh Oberoi, MD and CEO, Info Edge.
On Tuesday, the company’s shares were trading 0.45% higher at Rs 4,330 on NSE.
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