Info Edge, the consumer internet company, recorded a net profit of Rs 205 crore in the second quarter of the current fiscal year. This is twice the amount reported in the same quarter last year. The profit was mainly boosted by a one-time gain of Rs 46 crore. In July-September 2022, the profit stood at Rs 103 crore.
On a consolidated basis, the company’s revenue growth for the second quarter came in at Rs 626 crore, accounting for a mere 4 per cent growth compared to the same period a year ago. The muted revenue was predominantly due to slowness in its flagship recruitment business, Naukri.
The recruitment business, which is its largest revenue component for Info Edge, grew by 8 per cent on a year-on-year basis for the second quarter. Compared to the previous year, the growth rate remained flat.
The real estate platform 99acres.com, owned by Info Edge, experienced a revenue growth of 25.2 per cent in the second quarter. However, the Indian IT industry had a poor performance during the same period, with companies like Infosys, Wipro, HCL and TCS witnessing a reduction in employee headcount due to a slowdown in demand. These developments could impact Info Edge’s recruitment business.
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