Info Edge spurts after turnaround Q1 numbers

Info Edge (India) gained 2.68% to Rs 3380 after the company reported a consolidated net profit of Rs 93.66 crore in Q1 June 2020 as against net loss of Rs 190.92 crore in Q1 June 2019.

Net sales fell 10.8% to Rs 285.05 crore in Q1 June 2020 over Q1 June 2019. Pre-tax profit (PBT) stood at Rs 122.89 crore in Q1 June 2020 compared with pre-tax loss of Rs 150.12 crore in Q1 June 2019. Total tax expense declined 28.38% to Rs 29.22 crore in Q1 June 2020 over Q1 June 2019. The result was announced after market hours yesterday, 7 September 2020.

On a standalone basis, Info Edge recorded billing of Rs 188.6 crore for the quarter ended 30 June 2020 compared to Rs 336.30 crore in quarter ended 30 June 2019, down by 43.9%. Net sales (revenue) of Rs 280.10 crore for Q1 June 2020 compared to Rs 312.80 crore in Q1 June 2019, down by 10.4%. The deferred sales revenue (amount collected in advance) as at 30 June 2020 is Rs 371.70 crore, down by 25% over Q1 June 2019. Operating EBITDA has increased by 3.5% to Rs 104.60 crore during the period under review.

Commenting on the results, Chintan Thakkar, CFO said "We continue to evaluate the unfolding situation of the pandemic. Work from home and business continuity plan is operating satisfactorily. The Billings are down by 43.9% in Q1FY'21 on YoY basis as a result of the nationwide lockdown. However, the immediate impact on the Revenue tends to be lower as we recognize the Revenue over the tenure of the contract. We have adopted a disciplined approach to discretionary spend in areas like Marketing. As a combined effect, operating margin is at 37.3% for the quarter as compared to 32.3% for the same quarter previous year."

Shares of Info Edge snapped three-day losing streak. The stock lost 5.4% in the past three days.

The stock has surged 113.92% from its 52-week low of Rs 1580 hit on 23 March 2020. It touched a 52-week high of Rs 3575 on 10 August 2020.

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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