Tuesday, October 30, 2007

Info Edge (India) Limited Announces Q2 Results

Quarter Ended September 30, 2007

-- The company achieved a profit after tax of INR 151.42 million compared to INR 35.56 million in corresponding quarter in 2006, representing a sharp growth of 326% in profits. At the operating level, profit after tax is INR 108.63 million which is up by 285%.

-- Total Income in Q2 of FY 07-08 at INR 585.01 million shows an increase of 80% over corresponding quarter in 2006. Total operating income is INR 526.03 million, which is 66% higher.

-- EBITDA at INR 220.84 million grew 227% over corresponding quarter in 2006. Operating EBITDA is 161.86 million, representing an increase of 172%.

Reinforcing its position as the pioneer and leader in the online businesses in the country, Info Edge (India) Limited today announced results for the quarter ended September 30, 2007. The company reported Net Profit after Tax of Rs. 151.42 million compared to Rs. 35.56 million for the corresponding quarter in 2006. Info Edge recorded Total income of Rs. 585.01 million compared to Rs. 325.4 million in the corresponding quarter last year.

Commenting on the results, Ambarish Raghuvanshi, CFO and Director, Info Edge (India) Limited said, “Our core recruiting business continued to grow while the newer businesses grew faster (albeit of smaller bases) despite some possible signs of a re-adjustment in hiring plans of IT services clients (as a result of the rise in the rupee/ dollar exchange rate and the sub prime mortgage issues in the US). Our profits growth look extremely good but as we have stated in the past, the lumpiness of advertising spends will cause some volatility in our earnings. We expect advertising and promotions activity to increase in the subsequent six months, therefore it will be unwise to extrapolate profits for the year from these numbers.” Also it is important to watch trends in the underlying business client segments e.g. IT services.

Financial Results:

-- Total Income – Increased by 80% at Rs. 585.01 million as compared to Q2 of Financial Year 06-07.

-- EBITDA – Increased by 227% at Rs. 220.84 million as compared to the corresponding quarter in 2006. The new businesses Jeevansathi.com and 99acres.com continue to be in an investment mode incurring losses.

-- Total Expense including Interest & Depreciation – Increased by 41% to Rs. 377.51 million as compared to the corresponding quarter last year.

About Info Edge (India) Ltd

Info Edge (India) Ltd (NSE: NAUKRI) is the largest and fastest growing internet company, in India. The company owns an assortment of portals which include Naukri.com - India’s No. 1 job site, Naukri Gulf.com –- its more recent foray into the Middle East market, Jeevansathi.com – India’s fastest growing matrimonial site and 99acres.com - India’s No.1 real estate portal. Quadrangle, an offline executive search firm was acquired in the year 2000. Info Edge recently launched asknaukri.com, India’s first Career Guidance website and Brijj.com, a professional networking site.

Info Edge has ventured into newer businesses and territories and attracted investments from leading venture capitalists. Formerly an ICICI Ventures investee company, Kleiner, Perkins, Caufield & Byers and Sherpalo Ventures have also invested in the company. Info Edge raised Rs. 1,703 million by way of an IPO in November 2006.

With its headquarters in Noida (NCR), the company employs over 1300 people and operates through over 57 offices in 32 cities in India and overseas offices in Dubai catering to the Middle East market.

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