India-based jobs portal Naukri.com has reported a 41% drop in net profit in Q3 of FY17. However, profit was up 76.4% year on year. It had posted a net profit of Rs 26.7 crore in the same quarter last fiscal.
In an interview with TechCircle, Hitesh Oberoi, managing director and chief executive of Info Edge who owns Naukri.com said the results were due to a dip in monetization of the rupee.
“On the whole, our estimates are that demonetisation has impacted our top line by Rs 20-25 crore in Q3. We came Rs 10-11 [million] short on 99acres.com, we think we lost Rs 8-10 [million] business in Naukri.com and maybe Rs 1 [million] in Jeevansaathi.com and Shiksha,” Oberoi said.
Oberoi also said that Naukri.com could witness slowdown in growth in Q4, due to a change in its sales incentive policy.
“We expect collection growth to slow down in Q4 for Naukri.com due to a change in incentive policy and if we have done our math right…we can get that revenue back in terms of additional growth in Q1 and Q2 next year,” he said.