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earnings | IST

Info Edge Q2: Quarterly performance best in a decade; 99acres biz more competitive than Naukri, says MD

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Hitesh Oberoi, CEO & MD of Info Edge India, on Monday, said that 99acres.com is more competitive than Naukri for the company. He also mentioned that the company delivered its best quarter in a decade.

Hitesh Oberoi, CEO & MD of Info Edge India, on Monday, said that the company delivered their best quarter in a decade. He also mentioned that 99acres.com is more competitive than Naukri for Info Edge.
The internet company reported a good set of earnings for the September-ended quarter with  over 60 percent surge in billings this time around. The Naukri.com business has continued to drive growth for the company but the performance from 99 acres is quite subdued.
“The real estate business sector is bouncing back after having been in the doldrums for almost 7-8 years. Things are look promising on that front as well, but that space (99acres.com) is a lot more competitive for us compared to the job space,” Oberoi said, in an interview to CNBC-TV18.
Therefore, he said, advertising spending was higher for 99acres than for Naukri.com.
“However, one business which was disappointing for us this quarter was the matrimony (jeevansaathi.com) business. We spend a lot of money on advertising but the business was hit badly by the second wave of COVID-19, especially in north India,” said Oberoi.
On investment, he said, “We are likely to up our financial investments in some of the start-ups going forward. We continue to scout for merger and acquisition (M&A) opportunities in our core business in adjacent verticals.”
“We would also be investing a lot more aggressively on 99acres, jeevansaathi.com and shiksha.com. So cash is not an issue, deployment is the problem right now,” said Oberoi.
For the entire management interview, watch the video.