Info Edge shares slip into red post Q4 earnings; market cap falls below Rs 50K crore

Shares of Info Edge (India) Ltd slipped over 4% today after the firm reported a consolidated loss of Rs 503.19 crore for the fourth quarter ended March 2023 against a net profit of Rs 719.51crore in the corresponding quarter of the previous fiscal.

Info Edge stock fell up to 4.06% to Rs 3741.20 against the previous close of Rs 3899.90 on BSE. The large cap stock has risen 6.58% in one year and lost 3.87% since the beginning of this year. Total 0.14 lakh shares changed hands amounting to turnover of Rs 5.31 crore. Market cap of the firm fell to Rs 49,677 crore.

The stock hit a 52-week high of Rs 4624.35 on August 26, 2022 and a 52-week low of Rs 3310 on March 14, 2023.

However, revenue from operations rose 28 per cent to Rs 604.78 crore in Q4 against Rs 472.94 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA fell to a loss of Rs 446.96 crore in the fourth quarter of this fiscal against Rs 760.30 crore in the corresponding period in the previous fiscal.

EBITDA refers to earnings before interest, tax, depreciation, and amortisation.

In the last fiscal, sales zoomed to Rs 2345.6 crore against sales of Rs 1589 crore in the previous fiscal. However, the firm posted a loss of Rs 70.45 crore in FY23 against Rs 12,882.2 crore profit in the previous fiscal.

Hitesh Oberoi, Managing Director and Chief Executive Officer said, “Billing growth continues to be impacted by slowdown in IT hiring. The rest of the economy continues to be solid. We are particularly happy with the performance of our Non recruitment businesses.”

In terms of technicals, the relative strength index (RSI) of the stock stands at 56.3, signaling it's trading neither in the overbought zone nor in the oversold zone. Star Health stock has a one-year beta of 1.5, indicating high volatility during the period. Info Edge shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Info Edge (India) Ltd. is one of India's premier internet based business. The company is engaged in the business of operating multiple internet based services through its various web portals and mobile applications. It currently operates in four service verticals such as in recruitment solutions through its brands naukri.com iimjobs.com hirist.com ambitionbox.com bigshyft.com jobhai.com; in real estate services through its brand 99acres.com; in matrimonial services through its brand jeevansaathi.com and in education services through its brand shiksha.com.

Also read: ZEE shares rally 8% as NCLAT sets aside NCLT order. Here are stock price targets

Also read: BHEL shares plunge ahead of Q4 results, dividend announcement; here's why