Info Edge has reportedly made a fresh investment of Rs 300 crore in Startup Investment Holding Limited (SIHL). This IT firm of Sanjeev Bikhchandani already has portals like Naukri and 99 Acres.
Info Edge apparently holds a 100% stake in SIHL- Startup Investments (Holding) Limited, which is essentially an investment and holding organization. According to the exchange filing, this new investment will help the company explore new investment opportunities.
In the report, Info Edge said its net profit grew 85% year-on-year to Rs 292 crore in the first quarter of FY23 as against Rs 158 crore at the same time last year. Its earnings jumped 130% to Rs 874 crore in the first quarter of this year, as against Rs 381 in the same period. EBITDA for that period was stuck at Rs 163 crore with a growth of 57%. Billing was reported to be Rs 415 crore, showing an increase of 65% year on year.
What the company statement says:
Info Edge Managing Director Hitesh Oberoi said the recruitment process is progressing well as the company is also positive about the earnings for the current quarter. CFO, Chintan Thakkar said how the steady growth in its bills and profitability for the second quarter in a row reflects the pace of return to its business.
Further, the filing states how the company has agreed to buy CCD-mandated convertible debentures of 0.0001% or Rs 3 crore, each having a face value of Rs 100. These agreed terms and conditions will not be subject to change at any time. allotment, within a period of more than a decade.
Source: CNBC TV 18