Indian Real Estate Portal 99acres Sees Steady Revenue Growth But Remains Unprofitable in Q2

November 8, 2023
Share this Post: 

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:

  • Total company revenue of INR 6.5 billion ($78.8 million) representing growth of 12.8% year-on-year.
  • Total company profit of INR 2.1 billion ($25 million) representing a 24% year-on-year increase.
  • 99acres revenue of INR 873 million ($10.5 million), a 25% year-on-year gain.

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

November 8, 2023
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Strategic Partnership1 1
LankaPropertyWeb Partners with EMediaLinks to Market Sri Lankan Real Estate to Chinese and North American Investors

Sri Lanka-based real estate marketplace LankaPropertyWeb has partnered with U.S.-based property marketing company EMediaLinks to market property in Sri Lanka to...

Read More
Shutterstock 1118947796
Baltic Classifieds Group Sees EBITDA Margin Reach 78% in Bumper Half Year Results

The online classifieds operator Baltic Classifieds Group (BCG) has reported bumper numbers for the first half of its 2024 financial...

Read More
Streeteasy Skyline
Zillow-Owned StreetEasy Hikes Daily Listing Prices by 15%

StreetEasy has increased its daily listing fee for rentals—the fourth such hike since 2017. Agents will now pay $7 per...

Read More
Portal Standards Cover Art
Portal Standards Report 2023 - Which Features Are 'Standard' on Real Estate Marketplace Websites?

When you think of the ideal place to find a new home, you probably conjure up a mental image of...

Read More

Editor's Pick