Info Edge Q1 net up 35% at Rs 39.8 cr; plans to raise Rs 750cr

Info Edge, which runs the job portal Naukri.Com, today reported a 35% rise in its net profit at Rs 39.8 crore for the quarter ended June 30, 2014.

The company had posted a net profit of Rs 29.4 crore for the year-ago period, it said in a statement.

Net sales rose by 20% to Rs 144.9 crore for the April-June quarter of this fiscal compared to Rs 120.7 crore in same quarter for 2013-14 fiscal.

"The Board of Info Edge (India) Ltd recommended to the shareholders to raise fresh funds through issue of securities to the extent of Rs 750 crore by way of QIP (Qualified Institutional Placement)," the company said.

The fund is being raised to invest in the organic as well as inorganic growth opportunities in existing business(es), in particular in 99acres.Com, it added.

Commenting on the firm's performance, Info Edge CEO and Managing Director Hitesh Oberoi said: "Our recruitment business continues to grow in line with improved business confidence levels, the IT and ITES sectors are growing well and other sectors have also started showing some positive signs."

The real estate business is growing at a healthy rate, and the firm continues to lead in this vertical and is committed to make the necessary investments to consolidate this leadership, he added.

During the quarter, recruitment solutions grew by 15.5% while the real estate vertical grew by 45.4% over the corresponding quarter in 2013-14.

Shares of the company today declined by 1.30% to settle at Rs 693.10 apiece at the BSE.