Info Edge Q3 PAT slips 22% YoY

Info Edge (India) reported 22.7% decline in standalone net profit to Rs 69.87 crore on 15% fall in net sales to Rs 272.30 crore in Q3 FY21 over Q3 FY20.

Billing in the third quarter was at Rs 297 crore, down by 1% as compared to the corresponding quarter in FY 2019- 20. The deferred sales revenue (amount collected in advance) as at 31 December 2020 was Rs 393.5 crore, down by 13.9% over the quarter ended 31 December 2019. Operating EBITDA declined by 35.6% to Rs 68.2 crore in Q3 December 2020 from Rs 105.9 crore in Q3 December 2019.

Profit before tax in Q3 FY21 stood at Rs 87.45 crore, down by 21.4% from Rs 111.24 crore in Q3 FY20. Current tax expense during the quarter fell by 22.2% year-on-year (YoY) to Rs 19.09 crore.

Commenting on the results, Chintan Thakkar, CFO said "We have witnessed continued recovery during the quarter. The Billings are up by 19% quarter over quarter basis. The Recruitment Solution and 99acres billing are nearing pre-pandemic levels on YoY basis."

Separately, Info Edge said it entered into an agreement through its wholly-owned subsidiary to invest about Rs 9 crore, in 4B Networks. The company has agreed to acquire 1,747 compulsorily convertible preference shares (CCPS). The aggregate shareholding of the company, post this investment, in the said entity would be 12.30% on a fully converted & diluted basis.

4B is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform.

"As part of the company's strategic investments, the investment would help the company to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently," Info Edge (India) said in a statement.

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.

The scrip shed 0.84% to end at Rs 5370.95 on Friday.

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