Info Edge (India) Ltd. has gained 3 percent in shares after selling its stake in Happily Unmarried Marketing Private Limited (HUM) to VLCC Health Care Limited for Rs 61 crore. HUM had no revenue, and the sale was executed through cash and other consideration. The announcement of the sale was made through a filing to the exchanges on June 9. On June 12, Info Edge’s shares closed at Rs 4,264.85 on the National Stock Exchange, following the news of the sale.
Info Edge has been on the news for financial lapses at 4B Networks founded by Rahul Yadav. Info Edge disclosed that its subsidiary, Allcheckdeals India, invested Rs 288 crore in 4B Networks, who failed to provide financial results despite repeated requests. Info Edge then wrote off its investment and initiated a forensic audit of 4B Networks. Deloitte Touche Tohmatsu India LLP has been appointed as the forensic auditor. Yadav has asked for two weeks to consider granting Info Edge permission for the audit.
Info Edge is the parent company of Naukri.com, Jeevansathi.com, and 99Acres.com, with a market capitalization of Rs 55,007.89 crore. In Q4 FY23, Info Edge reported a revenue of Rs 608 crore, up by 22 percent from the year-ago quarter, with a net profit of Rs 179 crore, up by 48 percent. The EPS increased to 13.87 in Q4FY23 from 9.38 in the corresponding quarter of the previous year. The operating margin increased by 500 basis points during the March quarter for FY23 from the year-ago period.
