1 min read.Updated: 16 Nov 2021, 05:37 AM ISTJoseph Rai
The Noida-based company's net profit surged to ₹7,369.34 crore during the July-September quarter from ₹155.33 crore in the same period last year, Info Edge said in a stock market disclosure
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NEW DELHI :
Info Edge (India) Ltd, the parent of businesses such as Naukri.com and 99acres.com, posted an over 47-fold jump in its net profit in the quarter-ended September on the back of exceptional gains arising from the blockbuster listing of online food delivery giant Zomato.
The Noida-based company's net profit surged to ₹7,369.34 crore during the July-September quarter from ₹155.33 crore in the same period last year, Info Edge said in a stock market disclosure.
Profit was boosted by its unrealized mark-to-market gain of ₹8,941.2 crore on its investment in Zomato and a realized gain of ₹357.1 crore arising from sale of shares of Zomato under the offered for sale (OFS) route, it explained.
Net sales increased by 37.3% to ₹351.7 crore while billing at ₹402.3 crore rose by 61.3%, during the period under review. The jump in net sales was led by recruitment solutions, real estate portal 99acres and education services portal Shiksha.
Info Edge, in a separate disclosure, said it has raised ₹750 crore via qualified institutional placement (QIP). It plans to use the net proceeds to strengthen its financial position, and for working capital and general corporate requirements. The funds will also be used to invest in its existing businesses, in particular 99acres.com and for strategic initiatives, among others.
Shares of Info Edge were trading at ₹6,434.25 apiece on BSE—up 0.48% at 12.10 pm.
Info Edge has been an active investor in startups for over a decade. It first invested in Zomato in 2010. It also invested in online insurance aggregator PolicyBazaar, another unicorn with a billion-dollar valuation that listed earlier today. It has also bet on edtech venture NoPaperForms and business-to-business e-commerce platform ShopKirana.
Last year, Info Edge also launched a venture capital fund to make more structured bets on tech and tech-enabled companies. In December last year, Singapore state investment firm Temasek Holdings came in as an anchor for its debut venture fund.