Info Edge’s revenues jump 19.5% on the back of increased transactions on 99acres
- InfoEdge’s net revenue grew to ₹316.6 crore from ₹265 crore in the same quarter previous year.
- The revenue push came in from its
real estateaggregator platform 99acres.com.
AdvertisementOne of India’s first internet companies InfoEdge reported a 19.5% jump in net revenues in the second quarter to ₹316.6 crore from ₹265 crore in the same quarter previous year, thanks to its real estate aggregator platform 99acres.com.
“We continue to witness strong quarterly operational performance in terms of billing, revenue, total income and operating EBITDA growth, which are in high teens on year-on-year basis, supported by 99acres which grew over 20% in terms of billing and revenue during the quarter on a year-on-year basis,” said Chintan Thakkar, chief financial officer of InfoEdge.
Thakkar spoke to Business Insider to share how the revenues on 99acres, in spite of an economic slowdown. “99acres has been consistently growing in the last six quarters. The last quarter we grew by 19%,” he said.
The real estate aggregator business is divided into two parts – the first being the developers and businesses about new projects and the second one being resale retail. The second aspect has been the one to turn the story around for 99acres.
“The growth could be because of the velocity of transactions – if there are more and more transactions in the market the business goes up. There are more green shoots around resale rental business and that is helping brokers with a good return on investment, which in turn helps our business,” said Thakkar.
The company’s net profits also fell by 88% due to an exceptional item – impairment in a company called Meritnations due to gap in valuation. However, Thakkar informs us that there actually has been a 31.4% jump in profit margin.
Along with 99acres.com,
On the Naukri portal, they have over 60 million resumes, half a million recruiters and over 13-14 lakh applicants for jobs.
The company also invests in startups and was also an early investor in the foodtech unicorn Zomato. Info Edge also recently invested ₹21 crore in edutech platform Adda247 and ₹5 crores in real estate startup Terralytics Analysis.
An Indian internet company older than Google is using Artificial Intelligence to reinvent itself
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