99acres Parent Info Edge Records Financial Uptick in Q4 Results

The Indian online marketplace operator and parent of the 99acres portal, Info Edge has released its results for the fourth quarter of the Indian 2023-2024 financial year. Highlights of the company's performance for the period include:

• Revenue from 99acres was up 22% for the year (INR 3,512 Mn) and 23% on a quarterly year-on-year basis (INR 925 Mn).
• Company-wide revenue was up 7.9% on a quarterly year-on-year basis (INR 6,802 Mn).
• The company grew its operating profit margins to 37% of revenue and registered a growth of 8.9% in its operating profit.

As well as the 99acres real estate portal, Info Edge also runs the popular jobs vertical Naukri as well as the matrimonial site Jeevansathi and educational site Shikasta.

Hitesh Oberoi, Managing Director and Chief Executive Officer said:

“I'm encouraged to see a slight rebound in our recruitment business after several weak quarters. Excellent execution in both 99acres and Jeevansathi helped reduce operational losses in these verticals from Rs. 198cr in FY23 to Rs. 68cr in FY24 with Rs. 21cr cash generation in Q4.”

According to company CFO, Chintan Thakkar, the latest set of results set the company up for possible future investments.

“Our cash from operations grew by 13.2% year-over-year in Q4FY24, reaching a cash balance of Rs. 4,191cr as of March 31st, 2024. This consistent performance in cash flow generation underscores our company's robust financial health and positions us well for future investments and shareholder returns.”

Around 80% of Info Edge's revenue for the financial year came from Naukri, the clear market leader in India for blue-collar jobs. The company's real estate vertical competes with the likes of REA India's Housing.com as well as MagicBricks which is owned by Times Internet Ltd.