Info Edge (India) posts net loss of Rs 503.19 crore in Q4 FY23, ET RealEstate

June 23, 2023

NEW DELHI: Info Edge (India) has reported net consolidated loss after tax of Rs 503.19 crore during the quarter ended March 31, 2023. It had registered net consolidated profit after tax of Rs 719.51 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 169.68 crore in Q4 FY23, a dip of 75.76 per cent from Rs 699.86 crore it recorded in the similar quarter last year.

Investments in 4B Networks, a partly owned subsidiary of its 100% subsidiary Allcheckdeals India, amounting to Rs 532.25 crore (consisting of Rs 719.43 crore of Goodwill, Rs 80.77 crore for net assets, Rs 12.34 crore for ICD given and reduced by non-controlling interest payable of Rs 280.27 crore) has been fully impaired, considering current state of affairs and other relevant factors including excessive cash burn, prevailing liquidity issues and significant uncertainity towards funding options.

The company continues to explore various options in best interest of stakeholders and will re-evaluate such position, it said in the regulatory filing.

During the year ended March 31, 2022, the group had acquired 4B Networks with an additional infusion of Rs 176.99 crore. During the year ended March 31, 2023 additional investment of Rs 90 crore has been made resulting in total shareholding to 65.03% on fully converted & diluted basis as of date.

99acres reported a billing of Rs 103.7 crore for Q4 FY23, a growth of 30.8%. FY23’s billing stood at Rs 311.6 crore, a year-on-year growth of 34.78%. The business segment reported revenues of Rs 75.5 crore for the said quarter, a growth of 23.3% year-on-year while FY23’s revenues stood at 284.5 crore, a year-on-year growth of 30.91%. 99acres reported a EBITDA loss of Rs 19.1 crore for the quarter while for FY23 operating loss stood at Rs 107.4 crore.

  • Published On May 27, 2023 at 05:00 PM IST

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Abhay Singh

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