Info Edge India Ltd. has disclosed a 4% uptick in Q2 revenue, reaching Rs 626 crore ($83.4 million) for the September quarter, despite encountering a deceleration in growth on its recruitment platform, Naukri, owing to a slowdown in IT hiring. The company experienced a remarkable 76% surge in profits, totaling Rs 262 crore ($34.9 million), primarily attributable to reduced operational expenses.
On a standalone basis, the company’s revenue surged by 11.5% to Rs 593 crore ($79 million), up from the previous year’s Rs. 531.8 crore ($70.8 million) for the same quarter. Info Edge’s real estate segment, 99acres.com, demonstrated a substantial revenue increase of 28%, reaching Rs 87 crore ($11.6 million). Notably, the recruitment business managed to achieve a growth rate of 9.1% despite the slowdown in IT hiring.
Quarterly billings for the company amounted to Rs 569 crore ($75.8 million), representing a 4.8% increase. The operating profit was reported at Rs 218.9 crore ($29.2 million), a notable rise of 26.8% from the previous year’s Rs 172.5 crore ($23 million). Info Edge generated Rs 250 crore ($33.3 million) in cash from operations, marking a year-on-year growth of 14%.
CEO Hitesh Oberoi attributed the decrease in expenses across various verticals to effective execution in the non-IT hiring market and the Jeevansathi business. This strategic shift in focus resulted in positive financial outcomes for the company, despite the challenges faced by the IT sector as a whole.