Naukri parent Info Edge zooms over 7% as company reports upbeat billing figures

Shares of Info Edge (India) zoomed over 7% in morning trade after the company reported an upbeat set of billing numbers for the fourth quarter.

Info Edge said in an exchange filing that its standalone billings for the quarter-ended March 2024 stood at ₹826.9 crore compared to ₹748.6 crore in the same period last year, recording a 10.4% rise on a year-over-year basis. The fiscal year witnessed a 5.4% rise in billings at ₹2,495.9 crore.

The billing for 99acres witnessed the highest quarterly growth among all segments of 26.42% at ₹131.1 crore while growing 23.59% for the entire fiscal at ₹311.6 crore. The Naukri platform grew 7.18% on a quarterly basis to ₹625.4 crore while witnessing just 1.32% growth for the entire fiscal at ₹1,883.2 crore.

Info Edge shares have gained over 18% since the beginning of 2024 and have returned over 63% in the last one year. In comparison, the Nifty IT index has returned just over 21% in the same period.

For the third quarter, Info Edge recorded a 7.2% growth in its revenue from operations at ₹595.4 crore on a standalone basis as compared to ₹555.2 crore in the corresponding quarter of the previous fiscal. Non-recruitment business verticals namely 99acres.com, Jeevansathi.com and Shiksha.com continued their growth trajectory with a year-over-year revenue growth of 21.8%, 23.0% and 23.3% respectively.

The company maintained its operating profit margins at 36.7% of revenue and registered a growth of 7 in its operating profit which stood at ₹218.7 crore on a standalone basis for the third quarter as compared to a profit of ₹204.4 crore in the same period of FY23.

Hitesh Oberoi, Managing Director and Chief Executive Officer had said that efficient execution in the 99acres and Jeevansathi businesses spurred top-line growth and helped reduce burn during the quarter. “While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukrl's growth,” he had stated.