On consolidated basis
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating income) of Info Edge (India) has increased
27.87% to Rs 604.78 crore. Sales of Recruitment Solutions segment
has gone up 27.46% to Rs 459.65 crore (accounting for 76.00% of total
sales). Sales of 99acres for Real Estate segment has gone up 23.31%
to Rs 75.55 crore (accounting for 12.49% of total sales). Sales of
Others segment has gone up 36.32% to Rs 69.58 crore (accounting for 11.51% of
total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 49.72% to Rs 177.69
crore. PBIT of Recruitment Solutions segment rose 31.46% to Rs
274.55 crore (accounting for 154.51% of total PBIT). PBIT of 99acres
for Real Estate segment rose 39.07% to Rs -22.11 crore (accounting for -12.44%
of total PBIT). PBIT of Others segment fell 38.77% to Rs -74.74
crore (accounting for -42.06% of total PBIT).
PBIT margin of Recruitment Solutions
segment rose from 57.91% to 59.73%. PBIT margin of 99acres for Real
Estate segment rose from negative 59.24% to negative 29.27%. PBIT
margin of Others segment fell from negative 105.52% to negative
107.42%. Overall PBIT margin rose from 25.09% to 29.38%.
Operating profit margin has jumped
from 25.24% to 30.67%, leading to 55.42% rise in operating profit to Rs 185.51
crore. Employee cost decreased from 46.58% to 43.63%.
Other expenses fell from 28.18% to 25.69%. Selling and
administration expenses fell from 20.65% to 16.84%. Other direct
service cost rose from 1.86% to 2.97%.
PBIDT stood at Rs 249.59 crore
compared to profit of Rs 346.28 crore. Provision for interest rose
53.61% to Rs 1.49 crore. Loan funds rose to Rs 107.65 crore as of 31
March 2023 from Rs 64.07 crore as of 31 March 2022. Sundry debtors were
lower at Rs 12.62 crore as of 31 March 2023 compared to Rs 30.02 crore as of 31
March 2022. Cash and bank balance rose to Rs 571.46 crore as of 31
March 2023 from Rs 368.29 crore as of 31 March 2022. Investments
declined from Rs 15,614.19 crore as of 31 March 2022 to Rs 12,403.35 crore as
of 31 March 2023.
PBDT stood at Rs 251.08 crore
compared to profit of Rs 565.18 crore. Provision for depreciation
rose 75.65% to Rs 20.2 crore. Fixed assets increased to Rs 326.98
crore as of 31 March 2023 from Rs 192.15 crore as of 31 March 2022. Intangible
assets declined from Rs 840.39 crore to Rs 477.98 crore.
Profit before tax reported loss of
Rs 271.28 crore compared to profit of Rs 333.81 crore. Share of
profit/loss was 62.67% lower at Rs -78.21 crore. Provision for tax
was expense of Rs 56.23 crore, compared to Rs 40.7 crore. Effective
tax rate was negative 12.58% compared to 5.35%.
Equity capital increased from Rs
128.71 crore as of 31 March 2022 to Rs 129.01 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 38.05% as of 31
March 2023 ,compared to 38.17% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of Info Edge (India) has increased
47.62% to Rs 2345.69 crore. Sales of Recruitment Solutions segment
has gone up 47.98% to Rs 1,749.11 crore (accounting for 74.57% of total
sales). Sales of 99acres for Real Estate segment has gone up 30.91%
to Rs 284.51 crore (accounting for 12.13% of total sales). Sales of
Others segment has gone up 64.53% to Rs 312.07 crore (accounting for 13.30% of
total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 25.39% to Rs 537.98
crore. PBIT of Recruitment Solutions segment rose 56.26% to Rs
1,026.53 crore (accounting for 190.81% of total PBIT). PBIT of
99acres for Real Estate segment fell 32.27% to Rs -118.50 crore (accounting for
-22.03% of total PBIT). PBIT of Others segment fell 167.57% to Rs
-370.05 crore (accounting for -68.79% of total PBIT).
PBIT margin of Recruitment Solutions
segment rose from 55.58% to 58.69%. PBIT margin of 99acres for Real
Estate segment fell from negative 41.22% to negative 41.65%. PBIT
margin of Others segment fell from negative 72.91% to negative 118.58%. Overall
PBIT margin fell from 27.00% to 22.93%.
Operating profit margin has declined
from 27.64% to 24.23%, leading to 29.40% rise in operating profit to Rs 568.38
crore. Employee cost decreased from 46.97% to 46.78%.
Other expenses rose from 25.39% to 28.99%. Selling and
administration expenses fell from 18.00% to 17.40%. Other direct
service cost rose from 2.14% to 2.70%.
Other income fell 10.79% to Rs
392.85 crore. PBIDT rose 9.28% to Rs 961.23
crore. Provision for interest rose 57.85% to Rs 7.34
crore. Loan funds rose to Rs 107.65 crore as of 31 March 2023 from
Rs 64.07 crore as of 31 March 2022. Sundry debtors were lower at Rs
12.62 crore as of 31 March 2023 compared to Rs 30.02 crore as of 31 March
2022. Cash and bank balance rose to Rs 571.46 crore as of 31 March
2023 from Rs 368.29 crore as of 31 March 2022. Investments declined
from Rs 15,614.19 crore as of 31 March 2022 to Rs 12,403.35 crore as of 31
March 2023.
PBDT rose 9.02% to Rs 953.89
crore. Provision for depreciation rose 62.59% to Rs 73.02
crore. Fixed assets increased to Rs 326.98 crore as of 31 March 2023
from Rs 192.15 crore as of 31 March 2022. Intangible assets declined
from Rs 840.39 crore to Rs 477.98 crore.
Profit before tax grew 6.12% to Rs
880.87 crore. Provision for tax was expense of Rs 211.07 crore,
compared to Rs 1317.88 crore. Effective tax rate was 150.11%
compared to 9.28%.
Minority interest decreased 69.88%
to Rs 36.95 crore.
Equity capital increased from Rs
128.71 crore as of 31 March 2022 to Rs 129.01 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 38.05% as of 31
March 2023 ,compared to 38.17% as of 31 March 2022 .
Operational Highlights:
Billing
for recruitment vertical for the Qtr stood at Rs 583.5 Cr, a YOY growth of
13.7%. FY’23 Billing stood at Rs 1,858.7 Cr, YOY growth of 29.4%
Recruitment vertical revenue stood at 437.6 cr a YOY growth
of 27.1%. FY’23 Revenues stood at Rs 1,679.6 Cr, a growth of 45.5%. For the
Qtr, including acquired businesses, stood at Rs 459.7 Cr, a YOY growth of
27.5%. For FY’23
revenues
including acquired businesses stood at 1,749.1Cr, YOY growth of 48.3%.
Billing
for Shiksha for the Qtr stood at Rs 40.9 Cr, a YOY growth of 42.4%. FY’23
Billing stood at 123.9 cr, a YOY growth of 28.37%.Shiksha reported revenues of
Rs 32.0 Cr for the Qtr , a YOY growth of 31.1%. FY’23 revenues stood
at Rs
116.9 Cr , a YOY growth of 28.9%.
99acres
reported a billing of Rs 103.7 Cr for the Qtr, a growth of 30.8%. FY’23 Billing
stood at 311.6Cr, a YOY growth of 34.78%. 99acres reported revenues of Rs 75.5
Cr for the qtr, a growth of 23.3% YOY. FY’23 revenues stood
at
284.5 Cr a YOY growth of 30.91%.
Jeevansathi
reported billing of Rs 20.5 Cr for the qtr, a YOY decline of 27.1% .FY’23
Billing stood at Rs 72.1 Cr a YOY decline of 29.25%. Jeevansathi revenues for the
quarter was down 26.2% and closed at Rs 18.8 Cr. FY’23 revenues
stood
at Rs 77.6 Cr, a YOY decline of 22.53%.
Dividend: The
Board has recommended a Final Dividend of Rs. 9/- per share (on face value of
Rs.10/- per share) for the financial year 2022-23
Management Comment:
Commenting on the results, Mr Hitesh Oberoi, Managing Director
and Chief Executive Officer, Info Edge(India) said “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 our Non recruitment businesses.“
| Info Edge (India) : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 604.78 | 472.95 | 27.87 | 2,345.69 | 1,589.03 | 47.62 | | OPM (%) | 30.67 | 25.24 | 544 bps | 24.23 | 27.64 | -341 bps | | OP | 185.51 | 119.36 | 55.42 | 568.38 | 439.24 | 29.40 | | Other Inc. | -435.10 | 226.92 | PL | 392.85 | 440.36 | -10.79 | | PBIDT | -249.59 | 346.28 | PL | 961.23 | 879.60 | 9.28 | | Interest | 1.49 | 0.97 | 53.61 | 7.34 | 4.65 | 57.85 | | PBDT | -251.08 | 345.31 | PL | 953.89 | 874.95 | 9.02 | | Depreciation | 20.2 | 11.5 | 75.65 | 73.02 | 44.91 | 62.59 | | PBT | -271.28 | 333.81 | PL | 880.87 | 830.04 | 6.12 | | Share of Profit/(Loss) from Associates | -78.21 | -48.08 | -62.67 | -231.01 | 2195.36 | PL | | PBT before EO | -349.49 | 285.73 | PL | 649.86 | 3025.4 | -78.52 | | EO Income | -97.48 | 474.58 | PL | -509.25 | 11174.71 | PL | | PBT after EO | -446.97 | 760.31 | PL | 140.61 | 14200.11 | -99.01 | | Taxation | 56.23 | 40.7 | 38.16 | 211.07 | 1317.88 | -83.98 | | PAT | -503.2 | 719.61 | PL | -70.46 | 12882.23 | PL | | Minority Interest (MI) | -230.37 | 90.72 | LP | 36.95 | 122.66 | -69.88 | | Net profit | -272.83 | 628.89 | PL | -107.41 | 12759.57 | PL | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -272.83 | 628.89 | PL | -107.41 | 12759.57 | PL | | EPS (Rs)* | -15.67 | 17.92 | PL | 4.80 | 226.48 | -97.88 | | | * EPS is on current equity of Rs 129.18 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Info Edge (India) : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Recruitment Solutions | 76.00 | 459.65 | 360.64 | 27.46 | 74.57 | 1,749.11 | 1,182.03 | 47.98 | | 99acres for Real Estate | 12.49 | 75.55 | 61.27 | 23.31 | 12.13 | 284.51 | 217.32 | 30.91 | | Others | 11.51 | 69.58 | 51.04 | 36.32 | 13.30 | 312.07 | 189.68 | 64.53 | | Total Reported Sales | 100.00 | 604.78 | 472.95 | 27.88 | 100.00 | 2,345.69 | 1,589.03 | 47.62 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 604.78 | 472.95 | 27.88 | 100.00 | 2,345.69 | 1,589.03 | 47.62 | | PBIT | | Recruitment Solutions | 154.51 | 274.55 | 208.84 | 31.46 | 190.81 | 1,026.53 | 656.92 | 56.26 | | 99acres for Real Estate | -12.44 | -22.11 | -36.29 | 39.07 | -22.03 | -118.50 | -89.59 | -32.27 | | Others | -42.06 | -74.74 | -53.86 | -38.77 | -68.79 | -370.05 | -138.30 | -167.57 | | Total PBIT | 100.00 | 177.69 | 118.68 | 49.72 | 100.00 | 537.98 | 429.03 | 25.39 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -624.66 | 641.63 | PL | | -397.37 | 13,771.09 | PL | | PBIT Margin(%) | | Recruitment Solutions | | 59.73 | 57.91 | 182.16 | | 58.69 | 55.58 | 311.29 | | 99acres for Real Estate | | -29.27 | -59.24 | 2,996.99 | | -41.65 | -41.22 | -42.70 | | Others | | -107.42 | -105.52 | -189.62 | | -118.58 | -72.91 | -4,566.54 | | PBT | 100.00 | -446.97 | 760.31 | PL | 100.00 | 140.61 | 14,200.11 | -99.01 |
|
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