Info Edge (India), an owner and operator of internet businesses, recorded steady growth for the second quarter ending September 30, 2024. Consolidated revenue from operations rose 12.2% year-on-year to ₹903.9 crore, while profit after tax surged 87% year-on-year to ₹649.8 crore.
The overall performance was bolstered by growth in the recruitment business, the rapid expansion of the real estate portal 99acres, and continued momentum in the matrimonial services segment. The education segment, however, remains under pressure.
Profitability improved as expenses grew at a slower pace than revenue, with an increase in “other income” also contributing to the growth in reported profit.
Additionally, a leadership transition is on the horizon. Hitesh Oberoi will step down from his full-time role as Managing Director and CEO on December 2, concluding a tenure of nearly 27 years with the company. Founder Sanjeev Bikhchandani is expected to assume a broader executive role effective December 3, subject to shareholder approval.
Improved Operational Growth
Info Edge operates brands including Naukri (online recruitment), 99acres (real estate), Jeevansathi and Aisle (matrimonial services), and Shiksha (educational services). The company also maintains a portfolio of investments in other enterprises; consequently, its financial results reflect both operational performance and fluctuations in the value of its investments.
Consolidated total income—inclusive of other income—grew 37.7% year-on-year to ₹1,332.3 crore. “Other income” saw a 164.8% year-on-year increase, rising from ₹161.8 crore to ₹428.4 crore, while total expenses grew 4.5% year-on-year, from ₹563.5 crore to ₹588.6 crore. Profit before tax (excluding exceptional items) climbed 85.2% year-on-year to ₹747.7 crore. Consolidated net profit reached 6.498 billion rupees, an 87% increase from 3.475 billion rupees in the same period last year. This figure includes profit attributable to non-controlling interests in subsidiaries. The portion attributable to Info Edge shareholders stood at 4.797 billion rupees, up 51.6% from 3.164 billion rupees a year earlier.
Based on consolidated revenue, expenses, depreciation, and finance costs, operational EBITDA (earnings before interest, taxes, depreciation, and amortization) was approximately 35.4 billion rupees—a 27.4% year-on-year increase—representing a margin of 39.2%, compared to 34.5% in the same period last year.
On a standalone basis, the company’s operating revenue grew by 12.8% to 84.17 billion rupees, while operating profit before tax rose by 29.8% to 34.73 billion rupees, with the margin expanding from approximately 35.9% to 41.3%.
However, standalone net profit declined by 92.9% year-on-year, falling from 47.2 billion rupees to 3.338 billion rupees. The prior-year figure included a one-time gain of 52 billion rupees, stemming from an unrealized valuation gain on an investment following the merger of Makesense Technologies with PB Fintech. Consequently, this decline does not reflect a corresponding deterioration in operational performance.
Revenue Composition
The recruitment business remains the primary source of revenue. According to the company’s financial reports—incorporating acquired operations into the recruitment segment—revenue from this division reached approximately 6.82 billion rupees, accounting for 75.4% of total revenue. Revenue from the standalone recruitment business grew 13.3% year-on-year to 6.32 billion rupees, with operating profit before tax rising 19.9% to 3.74 billion rupees, resulting in an operating margin of 59.1%.
In the second quarter of the 2027 fiscal year, revenue from the recruitment business grew by 12.6%, with a 14.9% increase recorded for the first half of the year. Revenue from candidate services grew by 37%, while AI and data-driven products—designed for both recruiters and job seekers—now account for a near double-digit percentage of the recruitment business’s total revenue. The real estate business contributed approximately 134 million rupees in revenue, accounting for 14.8% of total revenue. Revenue for 99acres grew by 16.7% year-on-year, with billings increasing by 21.2%. Property-related inquiries rose by over 33%, and daily active users on the app grew by 25%. The operating loss narrowed by 93% to 16 million rupees, while cash flow from operating activities improved from 23 million rupees to 220 million rupees. These figures indicate an improvement in the company’s operational performance, though achieving sustained profitability remains a key challenge.
The matchmaking business contributed approximately 53 million rupees in revenue, with Jeevansathi accounting for 40 million rupees and Aisle for 13 million rupees. Jeevansathi saw a 16.5% increase in revenue and an operating profit of 2 million rupees. Aisle’s revenue grew by 35.1% and billings by 40%, though it recorded an operating loss of 3 million rupees. Total billings for the matchmaking segment increased by 23.1% year-on-year.
The education business remains the weakest performer. Shiksha generated approximately 35 million rupees in revenue—a year-on-year decline of 8.5%—while billings fell by 27.2%. The company attributed this downturn to traffic headwinds caused by artificial intelligence, a decline in Google search traffic, and a shift in student interest away from the United States toward the United Kingdom, Australia, and Europe. This segment recorded a negative operating cash flow of 16 million rupees.
Cash and Liquidity
The company’s standalone cash flow from operating activities (pre-tax) grew by 27.4% year-on-year to 3.728 billion rupees. As of September 30, 2026, the company held a cash balance of approximately 49.76 billion rupees, including cash held by its wholly-owned subsidiaries.
The company’s board of directors has declared an interim dividend of 3 rupees per share and approved an investment of approximately 150 million rupees into its wholly-owned subsidiary, Redstart Labs. In addition, the Board approved the exit from its stakes in Medcords and Unnati Online, both of which had previously been fully written down.