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Info Edge’s recruiting business sees upward trend in billings

Info Edge’s recruiting business sees upward trend in billings

Craig Johnson
| August 12, 2024
Internet Big Data Technology and India, Technology Finance and Network Information Transmission

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Info Edge (NAUKRI:NSI) reported billings growth in its recruiting business continues an upward trend and revenue rose in its fiscal first quarter ended 30 June. The Noida, India-based company, which operates the Naukri job board, also noted growth in its non-recruitment businesses.

Info Edge ranks as the 19th-largest online job advertising firm globally, according to SIA data.

Total revenue from operations at the firm rose 8.1% year over year in the first quarter to INR 6.77 billion (USD 81.1 million), according to the company’s earnings release issued 9 August.

“Our matchmaking business, Jeevansathi, is nearing breakeven in Q1,” Managing Director and CEO Hitech Oberoi said in a press release. “The core recruitment business, which experienced several weak quarters last fiscal year, continued to demonstrate growth in Q1 as well.”

Info Edge’s recruitment business saw revenue from operations rise 5.4% year over year in the first quarter to INR 4.87 billion (USD 58.4 million).

Billings in the recruitment segment rose 8.5% sequentially during the quarter, continuing a trend from the fourth quarter, according to the company. It noted that Naurki’s database now has more than 100 million résumés with 572,000 résumés modified daily. Résumé database access represents 68.6% of recruitment revenue.

In addition, 139,000 job seekers used premium services, and the jobs website operations have 462,000 job listings.

Revenue from operations in Info Edge’s 99acres real estate segment rose 19.5% to INR 987.9 million (USD 11.8 million), and revenue in other operations rose 11.8% to INR 907.4 million (USD 10.9 million).

First-quarter net profit at Naukri rose 75.6% to INR 2.59 billion (USD 31.0 million).

Share price

Shares in Info Edge closed down 0.50% to INR 7,178.70 (USD 85.50) in India on 12 August. They were 2.03% below their 52-week high.