Info Edge (Naukri.com) Records Net Profit of $3.6 Million, Reshuffles Management

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With steady growth of 30%, Info Edge (Nauki.com), has announced Net profit of $3.6 Million from Q2 operations ended on 30 June 2010, compared to $2.9 Million in corresponding quarter of the last fiscal year. Subsequently Total income has been raised by 17% to $16.5 Million compared to last corresponding quarter in 2009 which stood approximate $ 13.3 Million.
Income from recruitment solutions grew 24 per cent while 99acres.com businesses grew 80 per cent during the quarter. Other verticals apart from Naukri.com (including 99acres.com, Jeevansathi.com) reduced their losses to Rs 2.5 crore at the EBITDA (earnings before interest, taxes, depreciation and amortization) level compared to a loss of Rs 4.4 crore for the same quarter last year.

“The business environment especially for hiring and real estate continues to improve, leading to a spike in the top-line,” Ambarish Raghuvanshi, CFO, Info Edge India, has said. “The lead indicators e.g. business confidence, GDP, Naukri Job Speak Index are all up which augurs well for our businesses. Also, the adjustments and gains we made during 2008-09 and 2009-10 will hold us in good stead as markets improve.”

Management Reshuffle

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Excited from the 2nd quarter results, Info Edge has done few major shuffle in their current hierarchy. Hitesh Oberoi, COO, has been appointed as CEO and Managing Director replacing Sanjeev Bikhchandani who has been designated as Co-Founder and Executive Vice President.

According to Info Edge India, Sanjeev Bikhchandani will continue to be actively involved in the company’s business and will focus primarily on strategic matters, investments and acquisitions while Hitesh Oberoi will oversee the current businesses of the company. Both Bikhchandani and Oberoi will report directly to the Board.

Ambarish Raghuvanshi, director and chief financial officer, Info Edge India, has now been designated as group president, finance and CFO. According to the company, Raghuvanshi will work with both Hitesh Oberoi and Sanjeev Bikhchandani in their respective roles.

Kapil Kapoor, chairman, board of directors, Info Edge India, has said, “These changes will help us consolidate and build on our success while ensuring that we remain equally focused on creating long term share holder value.”

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