Info Edge (India) recently posted a net loss of Rs 503.19 crore in the fourth quarter of the financial year 2023 (Q4 FY23). The net consolidated profit after tax during the same period in the previous year had been Rs 719.51 crore. The company also saw a 75.76 percent year-on-year (YOY) drop in total income to Rs 169.68 crore.
In an effort to secure funds, Info Edge had invested Rs 532.25 crore in 4B Networks, a subsidiary of Allcheckdeals India, during the year ended March 31, 2022. During the following year, an additional investment of Rs 90 crore was made, resulting in a total shareholding of 65.03 percent. The company has reported that these investments have been fully impaired considering current state of affairs like high cash burn and scarcity of funding options. Info Edge is actively exploring various solutions in the interest of their shareholders.
The real estate venture of the company, 99acres, reported a billing of Rs 103.7 crore in Q4 FY23, representing a growth of 30.8 percent. For the entire financial year, their billing was Rs 311.6 crore, showing an annual growth of 34.78 percent. Additionally, the business segment recorded a revenue of Rs 75.5 crore in the quarter, showing a YOY growth of 23.3 percent. Its total revenue for FY23 was Rs 284.5 crore, signifying a 30.91 percent YOY growth. On the other hand, 99acres reported a quarterly loss in terms of earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss of Rs 19.1 crore while the overall operating loss for the year was Rs 107.4 crores.
Info Edge (India) is an India-based online classifieds business that predominantly operates in the real estate, education, recruitment and matrimony segments. It was founded by Sanjeev Bikhchandani, a renowned Indian investor and entrepreneur, and launched in April 1995. Since then, the company has grown exponentially and now operates in hundreds of cities in India. It has also established various other branches like Naukri.com, Jeevansathi.com, and Shiksha.com. Info Edge was listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in 2006, making it the first venture-funded internet business to be listed in India.
