Tech Company Info Edge Hits Rs 2,500 Cr Revenue Milestone in FY24

Info Edge is a prominent Indian technology holding company that owns and operates several successful online platforms, including the employment website Naukri.com, matrimonial site Jeevansathi.com, real estate platform 99Acres.com, and educational portal Shiksha.com. The company generates over 70% of its revenue from Naukri.com, highlighting its dominance in the online jobs space. Beyond its own businesses, Info Edge has also diversified by investing in 23 other online companies, including two Indian unicorns – the food delivery service Zomato and insurance aggregator Policybazaar.

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Info Edge, the parent company of Naukri and 99acres, released its financial statements on Thursday. The consolidated figures revealed an 8% rise in revenue for FY24. Impressively, the company turned its bottom line around, shifting from a Rs 70 crore loss in FY23 to a Rs 594 crore profit in FY24. Info Edge’s operational revenue increased by 8%, reaching Rs 2,536 crore in FY24, up from Rs 2,345 crore in FY23, according to the consolidated financial statements shared with the stock exchange. Additionally, the company reported a 4.8% revenue growth in the fourth quarter of FY24, with earnings rising to Rs 657 crore from Rs 627 crore in the previous quarter.

The company, led by Sanjeev Bikchandani, operates in various sectors. Naukri.com and its associated websites contributed 74.1% of the total revenue, which grew by 7.49% to Rs 1,880 crore in FY24. Meanwhile, their other division, 99acres, experienced a 23.6% increase, reaching Rs 351 crore in FY24. Jeevansathi and Shiksha together contributed Rs 305 crore in revenue for FY24. Info Edge, on the other hand, earned Rs 414 crore from non-operating activities, bringing its total revenue for FY24 to Rs 2,950 crore.

Like many other internet companies, Info Edge saw employee benefits make up 61% of its total expenses. These costs increased modestly by 2.83%, reaching Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. In addition to employee benefits, Info Edge’s total expenses were driven by costs for network and internet services, advertising and promotions, legal fees, travel, and other overheads, which totaled Rs 1,830 crore in FY24, slightly down from Rs 1,858 crore in FY23.

The company reported extraordinary items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively, resulting from a decrease in the carrying value of investments. This was the main factor contributing to the substantial loss recorded in FY23. The company has 15 joint ventures, including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, and Sploot, among others, for FY24. Info Edge reported losses of Rs 131 crore in FY24 and Rs 231 crore in FY23 from these joint ventures, which are reflected in its consolidated financial statements.

Despite these losses, Info Edge achieved a net profit of Rs 594 crore in FY24, a significant turnaround from a net loss of Rs 70 crore in FY23 (see notes 1 and 2). On a per-unit basis, the company spent Rs 0.72 to earn a rupee in FY23.

Info Edge, the parent company of Naukri and 99acres, reported a strong financial performance in FY24. The company’s revenue grew 8%, reaching Rs 2,950 crore, with its core divisions Naukri and 99acres contributing significantly. Despite losses from joint ventures, Info Edge turned around its bottom line, shifting from a Rs 70 crore loss in FY23 to a Rs 594 crore profit in FY24. The company’s cost management, with employee benefits making up 61% of expenses, and income from non-operating activities helped drive this impressive turnaround in profitability.