Info Edge (India) Limited announces much improved Q1 results

Company Brief

New Delhi, July 23, 2010

Info Edge (India) Limited today announced results for the quarter ended June 30, 2010. The company reported a Total Income of Rs724 million compared to Rs 619 million in the corresponding quarter last year. Its operating income increased by 24.5% to Rs 659 million compared to Rs 529 million for the corresponding quarter in FY09-10.

Commenting on the results, Ambarish Raghuvanshi, CFO and Director, Info Edge (India) Limited said, "The business environment especially for hiring and real estate continues to improve, leading to a spike in the topline. 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."

Deferred sales revenue a part of current liabilities and a lead indicator of health of the businesses, increased to Rs 612 million, as on June 30, 2010, up 35% over the corresponding number last year.

EBITDA was at Rs 270 million as compared to Rs 219 million in the corresponding quarter in FY 09-10. Income from Recruitment solutions grew 24% while 99acres.com businesses grew 80% during the quarter. Other verticals apart from Naukri.com (including 99acres.com, Jeevansathi.com) reduced their losses to Rs 25 million at the EBITDA level compared to a loss of Rs 44 million for the same quarter last year.

Total Expense including Interest & Depreciation was at Rs 468 million as compared to Rs 417 million for the corresponding quarter in FY 09-10. A large proportion of the increase can be attributed to staff expenses.

Restructuring within top management

The Board has decided to appoint Mr. Hitesh Oberoi who is the current COO as the Managing Director and CEO in place of Mr. Sanjeev Bikhchandani who will transition to the role of Founder and Executive Vice Chairman. Mr. Bikhchandani will continue to be actively involved in the business and will focus primarily on strategic matters, investments and acquisitions while Mr. Oberoi will oversee the current businesses of the company. Both Mr. Bikhchandani and Mr. Oberoi will report directly to the Board. Mr. Raghuvanshi, the current CFO, will transition to the role of Group President Finance and Chief Financial Officer. Mr. Raghuvanshi shall work with both Mr. Oberoi and Mr. Bikhchandani in their respective roles.

All three will continue to be involved and assist each other in all aspects of the business.

These changes shall take effect from July 26th 2010.

Commenting on this restructuring, Mr. Kapil Kapoor, Chairman of the Board 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".

For further information, please contact:

Sampark PR

Anjali Berry

Mobile: +919891526436