Info Edge share ended higher for the third consecutive session today after the firm reported a 400% rise in Q2 profit. The share hit an all-time high of Rs 3,874 today rising 5.35% against its previous close of Rs 3,677 on BSE. Later, the stock closed 4.93% higher at Rs 3,859.
Info Edge share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 48.22% in one year and risen 52.28% since the beginning of this year.
Total 0.23 lakh shares of the firm changed hands amounting to turnover of Rs 8.69 crore on BSE.
The firm reported net profit of Rs 328 crore in Q2 of the current fiscal against loss of Rs 109.29 crore in the corresponding period of previous fiscal.
The rise in profit came on the back of exceptional item of Rs 374 crore in last quarter which was 24,030% more than the exceptional item of Rs 1.55 crore.
Net sales in Q2 fell to Rs 260.91 crore against Rs 329 crore sales in the same period of previous fiscal.
On a quarter on quarter basis, net profit rose 250.23% to Rs 328.03 crore in Q2 against Rs 93.66 crore profit in Q1.
"Info Edge reported billings decline in June quarter (Q1FY21) due to COVID-19, which was reflected in 19 per cent year-on-year (YoY) revenue de-growth in Q2 (due to the subscription based model of the business). Continued month-on-month improvement (after the trough of May'20) in billings is in line with our assumption of a gradual increase in revenues going forward," Motilal Oswal Securities said in result update.
Commenting on the results, Chintan Thakkar, CFO at Info Edge said "We are pleased to see gradual recovery of billings across all businesses. The QoQ billings have grown by 32.3%."