Info Edge slips after Q4 PAT declines 63% to Rs 119 cr

Info Edge (India) declined 0.61% to Rs 2753.60 after the company reported 63.4% decline in consolidated net profit to Rs 119.10 crore on 7.8% increase in net sales to Rs 327.60 crore in Q4 March 2020 over Q4 March 2019.

Consolidated profit before tax stood at Rs 146.44 crore in Q4 March 2020, down 60% from Rs 363.18 crore in Q4 March 2019. Total tax expense declined 27.8% to Rs 27.35 in Q4 March 2020 from Rs 37.91 crore in Q4 March 2019.

On a standalone basis, net profit declined 37.2% to Rs 41.62 crore on 10.3% rise in net sales to Rs 322.82 crore in Q4 March 2020 over Q4 March 2019. Operating EBITDA stood at Rs 96.50 crore, up 5.8% over Q4 FY19.

Billing stood at Rs 331.9 crore, down 8% over the corresponding quarter last year. The deferred sales revenue (amount collected in advance) as at 31 March 2020 is Rs 465.60 crore, down 1.9% over the quarter ended 31 March 2019.

Commenting on the results, Chintan Thakkar, CFO said We continue to evaluate the unfolding situation of pandemic. The billings were growing around 13% till mid of March in FY'20 Q4 and it took a hit in the last two weeks of the quarter. Work from home and business continuity plan is operating satisfactorily.

Meanwhile, the company's board of directors approved raising of up to Rs 1,875 crore through Qualified Institutions Placement (QIP) of equity shares.

Info Edge (India) runs leading internet businesses like Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. Info Edge has made significant strategic investments into emerging internet companies - zomato.com, meritnation.com, policybazaar.com, Canvera.com, happilyunmarried.com.

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