Naukri Owner Info Edge's Q1 Profits Decline 5% Sequentially
Info Edge (India) Ltd, which runs sites such as Naukri.com and 99acres.com, has witnessed 4.7 per cent fall in standalone net profit sequentially to Rs 25.61 crore for the three-month period ended on June 30, as an exceptional item that propped earnings in the fourth quarter ended March 31, 2011, was missing. However, net profit rose 48.3 per cent, compared to the first quarter of the last fiscal, led by impressive revenue growth. The internet company had recorded a net profit of Rs 26.89 crore in the previous quarter and Rs 17.26 crore in the same quarter last fiscal. Standalone net sales during the quarter ended June, 2011, rose 31.5 per cent over the year-ago period to hit Rs 86.65 crore. Sequential revenues rose 6.35 per cent from Rs 81.47 crore in the previous quarter.
Standalone results of the company include revenues from its primary recruitment business Naukri.com, NaukriGulf.com, Quadrangle, Job Seeker Services, Firstnaukri.com, as well as Jeevansathi.com, 99acres.com, Shiksha.com and Brijj.com. Revenues of its seven subsidiaries have not been included. These include Naukri Internet Services Pvt Ltd and Jeevansathi Internet Services Pvt Ltd, (which own internet domain names for Naukri.com and Jeevansathi.com respectively as well as related trademarks while operations are under the parent company), Allcheckdeals, Info Edge (India) Mauritius Ltd (set up to make overseas investments), Info Edge USA Inc, Applect (Meritnation.com) and Etechaces (Policybazaar.com).
The firm had booked exceptional item of Rs 5.17 crore for the quarter ended March, 2011, which affected its sequential earnings performance. However, the profit from operations before other income, interest and exceptional Items rose over 11 per cent to Rs 29.5 crore sequentially.
Info Edge has been active on investments in the quarter, infusing Rs 9 crore in Mydala.com, run by Delhi-based Kinobeo Software Pvt Ltd and putting in another Rs 10 crore in Policybazaar.com, which is a part of Etechaces Marketing and Consulting Pvt Ltd. In May, 2011, it announced an investment of $3.5 million in online private sales portal 99labels.com.
Besides these, it also announced an investment of up to Rs 1 crore ($250,000) in Noida-based Nogle Technologies Pvt Ltd, which plans to launch a content sharing startup called Blinkk.me. It previously invested in DC Foodiebay Online Services Private Limited (which runs restaurant listings site Zomato.com)
Now the company is eyeing domestic mobile app startups as well as more consumer internet firms, Hitesh Oberoi, CEO, Info Edge India, told Techcircle.in recently.