The Indian online marketplace operator and parent of the 99acres portal, Info Edge has released its results for Q2 of the Indian 2023-2024 financial year. Highlights of the company's performance for the period include:
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.
In comments accompanying the results, company CEO Hitesh Oberoi noted that Naukri, which accounts for around 80% of the company's revenue, saw reduced growth in the quarter due to a slowdown in IT hiring.
“Good execution in 99acres and Jeevansathi business helped reduce burn in these verticals substantially during the quarter. The Non IT hiring market continued to be strong but a slowdown in IT hiring dragged down Naukri growth.”
The real estate business benefitted from an increase in listings volumes in the quarter with the percentage of paid listings increasing from 59% in the comparison period to 62%. Despite the slight uptick in listings, the segment remains unprofitable with loss before taxes standing at INR 165 million ($2 million) for the quarter.
In India, 99acres competes with MagicBricks which is owned by the Times Internet Ltd and with REA Group-owned Housing.com.