Info Edge's recruitment slowdown hits profit growth
Info Edge, the company behind Naukri.com, just posted a 32% jump in net profit for the quarter ending June 30, hitting ₹342.8 crore compared to last year.
But if you look closer, profits actually dropped nearly 50% from the previous quarter because recruitment slowed down and costs went up.
Recruitment billings only rose 9%
Overall revenue grew 17% to ₹791 crore thanks to steady gains in both job listings and other platforms like 99acres and Jeevansathi.
Still, recruitment billings only rose 9%—a slowdown blamed on global issues and delayed contracts—while non-recruitment platforms did better with nearly 18% growth.
CEO Hitesh Oberoi says he's 'cautiously optimistic'
CEO Hitesh Oberoi says he's "cautiously optimistic" despite these bumps.
The company got the green light to invest up to ₹1,000 crore in new startups through its Venture Fund III (which already backs 20 young companies).
Expect more marketing for non-job sites while they keep a close eye on spending at Naukri as they try to balance between established brands and new bets.