Info Edge Q2 PAT zooms to Rs 8,355 cr on the back of Zomato gains

Info Edge (India) reported an exceptionally higher standalone net profit of Rs 8,355.72 crore in Q2 FY22 as against a standalone net profit of Rs 51.15 crore in Q2 FY21.

Profit before tax increased to Rs 9,433 crore in Q2 FY22 from Rs 65.4 crore in Q2 FY21 in view of unrealized mark to market gain of Rs 8,941.2 crore on investment in Zomato, which ceased to be a joint venture upon its listing. The company also realized gain of Rs 357.1 crore arising from sale of shares of Zomato under 'Offered for Sale' route at the time of its listing.

Info Edge's net sales stood at Rs 351.7 crore in Q2 FY22, rising by 37.3% over Q2 FY21. The company's operating EBITDA was at Rs 106.3 crore in Q2 FY22, up by 106.2% over the corresponding quarter of previous year. Total Income rose 40.1% year on year to Rs 395.7 crore in Q2 FY22. The company reported profit before tax (before exceptional item) of Rs 139.2 crore for the quarter ended 30 September 2021 compared to Rs 65.4 crore for quarter ended 30 September 2020.

Commenting on the results, Chintan Thakkar, CFO said, We are excited to witness billing growth of 61.3% on YoY basis during the quarter, led by Recruitment Solutions 73.9%, 99acres 45.9%, and Shiksha 74.7%. As compared to pre-pandemic levels, i.e. Q2 FY20, Billing growth is 33.9%, led by Recruitment Solutions 38.8% and 99acres 12.5%.

Shares of Info Edge were trading 0.51% lower at Rs 6,371 on BSE.

Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.

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