99acres Posts Heavily Pandemic Affected FY20-21 Q4 Results

Indian classifieds operator Info Edge has released the results of its FY20-21 fourth quarter. The company which owns leading jobs portal Naukri as well as one of the country's leading property verticals 99acres.com saw revenues rise 2.79% on a like for like quarterly basis, however, its US$ 170 million of total income was 10% down on a year-on-year basis.

Focussing on 99acres, which competes with Times Group-owned Magic Bricks in the domestic market, the portal posted an increase in revenue despite seeing profits slide as the coronavirus pandemic continues to play havoc with the country.

One key 99acres metric which has plateaued after initially seeing a v-shaped recovery is that of paid listings. The property portal counts itself among the online real estate marketplaces with the greatest inventory of listings in India, a country where the challenge for businesses in the space has always been transferring agents and private listers to paying packages.

Info Edge's latest set of results have failed to move the needle on the firm's stock price which has dropped around 10% since the start of the year and has a rating of sell or hold according to a report published in the Economic Times of India this morning.