Info Edge increases its consolidated revene by 59% in FY22
- ByStartupStory | May 30, 2022
Info Edge (India), an internet conglomerate, recorded a consolidated income of Rs 2,029.4 crore in FY22, up 59% year on year. In addition, the firm declared a profit of Rs 12,882 crore in FY22, which was nine times the profit in FY21. The astonishing profit was due to a one-time item of Rs 9,511.6 crore, mostly earnings from the sale of its interest in foodtech business Zomato when it goes public in July 2021.
In 2010, while Zomato was still known as Foodiebay, Info Edge India was the first institutional investor. As a result, Rs 8,941 crore resulted from a profit on the fair assessment of the Zomato investment. And an additional Rs 357 crore from the selling of the same investment. It was a year like that for Info Edge India, which continues to invest in Zomato.
Info Edge’s primary business–recruitment solutions–is driven by the Naukri brand, which accounts for 74% of its operating income. That amounts to Rs 1,154 crore of Info Edge’s total operational income of Rs 1,562 crore in FY22. The operational profit of its recruiting sector was Rs 652 crore in FY22, up 58 percent from the previous year.
Hitesh Oberoi, CEO and Managing Director of Info Edge India stated that the firm is seeing significant tailwinds in the recruiting and real estate industries. Globally, the skills supply-demand mismatch has grown since the epidemic. The company is anticipating that this tendency will continue in the medium to long term, creating demand for platforms such as Naukri, he added.
Overall, Info Edge’s operational profit increased by 65% to Rs 589 crore in FY22. Info Edge India also operates two well-known brands, 99acres.com (property listings) and JeevanSathi.com (matrimonial classifieds). Info Edge’s Q4 FY22 sales increased by roughly 46% compared to the same time last year. It recorded Rs 497.6 crore in Q4 FY22, an 8.4% increase sequentially. Its net profit for Q4 FY22 was Rs 120.7 crore, which was 1.7 times that of the previous year.
Also Read
Follow Startup Story
Related Posts
