Internet company Info Edge (India) on May 26 has posted consolidated loss of Rs 272.8 crore for quarter ended March FY23, widening from Rs 116.5 crore in previous quarter. The negative other income along with loss by associates & joint ventures, and exceptional loss impacted profitability.
Consolidated revenue from operations grew by 2.6 percent quarter-on-quarter to Rs 604.8 crore in Q4FY23, with recruitment solutions business reporting a 1.4 percent sequential growth at Rs 460 crore and 99acres for real estate segment growing 3.6 percent to Rs 75.5 crore in Q4FY23, the company said in its filing to exchanges.
"Billing growth continues to be impacted by slowdown in IT hiring. The rest of the economy continues to be solid. We are particularly happy with the performance of non-recruitment businesses," Hitesh Oberoi, Managing Director and Chief Executive Officer said.
The weak operating performance also caused loss at bottomline. Consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) fell by 1.6 percent QoQ to Rs 185.5 crore with margin falling 131 bps to 30.67 percent in the March FY23 quarter.
For the year, the internet company recorded loss of Rs 107.4 crore, against profit of Rs 1,276 crore, but revenue from operations grew sharply by 48 percent to Rs 2,346 crore compared to previous year.
Info Edge has announced a final dividend of Rs 9 per share for the financial year 2022-23.