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Info Edge profit down sharply due to investments into 99acres, other areas

info-edge-Info Edge (India) Limited, the biggest listed ecommerce company in India, said net sales rose 19% to Rs 171.8 crore for the quarter ended June compared to a year ago.

However, profitability was hit and profit after tax fell to Rs 28.7 crore from 39.8 cr a year ago.

Most Internet companies in India not make any profits. In fact, some companies lose more money than they get as total revenue.

Info Edge runs Naukri.com – India’s no. 1 job site, Jeevansathi.com – one of the leading matrimonial portals, 99acres.com – India’s No.1 real estate portal and Shiksha.com – India’s leading education portal.

The company employs over 4000 people and operates through 48 offices in 31 cities in India and overseas offices in Dubai, Riyadh, Abu Dhabi and Bahrain catering to the Middle East market.

It has, of late, made investments into several internet companies -meritnation.com, policybazaar.com, mydala.com, Canvera.com, happily unmarried.com and zomato.com

It has also ventured into newer businesses & markets, which has kept profits down.

“The results validate that we are on track in executing the plan of building valuable internet properties with a right mix of growth in revenue and investment,” said Chintan Thakkar, CFO.

“The recruitment Solution segment continues to grow at a healthy rate of about 20% with the segment profit at 53%. 99acres has accelerated investments in the business and we are confident of continuing to lead in this space”

During the quarter, recruitment solutions grew by about 20% while the real estate vertical grew by 12% over the corresponding quarter in FY 2014-15.

The margins in recruitment solution segment is at about 53%. 99acres continuing investment in Product, Technology, Operation and Marketing has resulted in a loss of 34.75 cr for the segment. The overall impact of this is that the PAT is 28.7 crore against previous year PAT of 39.8 crore.

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