India – Info Edge posts 6% jump in Q3 revenue

Filed under: News |

By memberservices@staffingindustry.com (Danny Romero)

Info Edge India Ltd (NAUKRI:NSI), the Indian job board, has announced results for the third quarter ended 31 December 2016 with revenue of INR 1.86 billion (USD 27.3 million), up 5.8% from the previous year’s INR 1,758 million (USD 25.9 million).

Q3 2016
USD
Q3 2015
Change
Revenue
1,860 million
27.3 million
1,758 million
5.8%
Net Profit
471 million
6.9 million
267 million
76.4%

Revenue by Segment

Q3 2016
USD
Q3 2015
Change
Recruitment Solutions
INR 1,404 million
20.6 million
INR 1,314 million
6.8%
99acres for real estate
INR 260 million
3.8 million
INR 264 million
-1.5%
Others
INR 196 million
2.8 million
INR 180 million
8.8%

In an interview with CNBC-TV18, Hitesh Oberoi, CEO & Managing Director of Info Edge said demonetisation had taken a toll on its sales growth. Meanwhile, a slowdown in IT along with cash crunch impact resulted in a slowdown in recruitment. However, Oberoi also said that demonetisation is now behind them and that things will soon get back to normal.

On 8 November 2016, the Government announced the demonetisation of a number of banknotes claiming the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. The sudden nature of the announcement, and the prolonged cash shortages in the weeks that followed, created significant disruption throughout the Indian economy.

Info Edge (India) Limited is an online classifieds company, which operates in four business segments namely- recruitment, matrimony, real estate and education.

In trading today, Info Edge India closed at INR 863.45 (USD 12.7), up 1.36% on the day and 15.76% below its 52-week high of INR 1,025.00 (USD 15.0), set on 1 November 2016. Based on its current share price the company has a market value of 103.1 billion (USD 1.5 billion).

Source:: India – Info Edge posts 6% jump in Q3 revenue

      

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