Info Edge’s total income increases by 51.22% in Q2 FY23

Naukri.com owner Info Edge (India) has announced its September-end quarter results. Its total income has increased by 51.22% to Rs 531.82 crore in the quarter ending September 2022, from Rs 351.68 crore in the corresponding quarter last fiscal.

The net profit decreased by 97.99% to Rs 168.10 crore in Q2 FY23, from Rs 8,355.72 crore in Q2 FY22.

The internet giant’s EBITDA swell up to 66% at Rs 184 crore during the same period from Rs 150.35 crore in the corresponding quarter last year.

The recruitment vertical’s business, including acquired businesses (Zwayam and DoSelect), saw the revenue increase by 56.4% to Rs 418.1 crore in Q2 FY23. Its recruitment operations increased by 48.7% in Q2 FY22, generating Rs 293.3 crore.

Its EPS has melted to Rs 13.05 in the July-September 2022 quarter from Rs 649.52 last year.

The company’s shares closed at 3,815.15 on November 10, 2022, and have given 3.95% returns over the last six months and decreased 37.94% over the last 12 months.

In October 2022, Info Edge has invested Rs 135.4 crore in edtech startup Coding Ninjas, becoming a majority shareholder in the startup by increasing its stake from 26% to 51%. 

Earlier, it invested Rs 90 crore in broker network platform 4B Networks in September 2022.

In August, the company reported an 85% surge in consolidated net profit in the June-ended quarter of FY23, compared to the year-ago period, driven by strong growth in its recruitment business.