Info Edge Q4FY23 dipped into losses due to heavy impairment on 4B Networks investment

Info edge (Naukri.com) reported -76% lower sales revenues for the March 2023 quarter on consolidated basis at Rs170 crore. Revenues were down sequentially by -82%. It must be noted here that Info Edge is the holding company of Naukri.com and also has investments in Jeevansathi.com and 99acres.com among others .It has also been an early stage investor in big names like Zomato and Policybazaar where it took exit in the IPO in 2021. The sales are reported net of impairment of Rs435 crore on its consolidating subsidiaries as well as its portfolio investments. Hence net sales may not be comparable on yoy basis.

Its principal revenues come from recruitment solutions of Naukri.com and that business saw 25% yoy growth in revenues at Rs460 crore. Its revenues from 99acres.com and other investments were also higher yoy. In terms of operating numbers, the recruitment solutions business saw operating profits up 30% at Rs275 crore but 99acres.coma and other internet properties dipped into losses. It wrote of the complete investment and goodwill of 4B Networks and a slew of other companies in this quarter as losses and reduced the sales.

Financial highlights for Mar-23 compared yoy and sequentially

 Info Edge    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 170

₹ 700

-75.75%

₹ 967

-82.46%

Operating Profit (Rs cr)

₹ -271

₹ 334

-181.27%

₹ 545

-149.78%

Net Profit (Rs cr)

₹ -273

₹ 629

-143.38%

₹ -117

134.13%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ -21.15

₹ 48.58

 

₹ -9.05

 

OPM

-159.87%

47.70%

 

56.32%

 

Net Margins

-160.78%

89.86%

 

-12.05%

 

 

While the core recruitment solutions continue to do well with  higher than expected operating margins at over 60%. However, the company has taken a hit on its digital investments in the quarter and many of them are more of a conservative push to give a full MTM picture to the shareholders. The board has declared a final dividend of Rs9 per share which combined with interim dividend goes to Rs19 per share for the full year FY23.

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