Info Edge Q2 net rises 2,147% to Rs 7,371 cr on the back of Zomato gains

Sanjeev Bikhchandani-led Info Edge saw its net profit rise 2,147 per cent to Rs 7,371 crore year-on-year (YoY) in the September quarter. It reported an unrealised market gain of Rs 8,941 crore from its stake in foodtech company Zomato in the second quarter. The company registered a gain of Rs 357 crore from the sale of its shares in the Zomato initial public offering.

The company reported profit before tax (before exceptional items) of Rs 139.2 crore for the quarter ended September, compared to Rs 65.4 crore in the year-ago period.

Info Edge’s revenue from operations rose 26 per cent to Rs 364 crore in the September quarter, compared to the year ago period. Its operating EBITDA rose 106.2 per cent from Rs 51.6 crore in Q2FY21 to Rs 106.3 crore in Q2FY22.

Commenting on the results, Chintan Thakkar, CFO of Info Edge, said, “We are excited to witness billing growth of 61.3 per cent on YoY basis during the quarter, led by recruitment solutions 73.9 per cent, 99acres 45.9 per cent, and Shiksha 74.7 per cent. As compared to pre-pandemic levels, i.e. Q2FY20, billing growth is 33.9 per cent, led by recruitment solutions 38.8 per cent and 99acres 12.5 per cent”.