New Delhi: Info Edge (India), owner of jobs site naukri.com, on Friday said quarterly profit fell 4% but an improving hiring environment would boost sales by more than a fifth in 2010/11.
“Hiring environment continues to improve. Attrition rate is also climbing. Things are only going to improve from here,” chief executive Sanjeev Bikhchandani told Reuters on the telephone. Sales and profit fell 5% and 3% respectively in 2009/10 due to an economic downturn that forced companies to slash jobs and hold hiring.
Info Edge draws about 85% of its revenue from recruitment activity.
Bikhchandani said the recovery seemed ‘broad-based´ as hiring had picked up in all sectors and all cities.
The company reported a profit of Rs132 million on sales which climbed 13% to Rs652 million in Jan-March. It also announced a dividend of Re0.75 per share.
Info Edge said its matrimonial portal jeevansathi.com had almost broken even and property portal 99acres.com too was recovering though still losing money.
At 3.20 pm, shares in Info Edge, which the market values at close to Rs25 billion was trading 3.96% up at Rs950 in a Mumbai market that was up 0.33%.