Infoedge India Ltd owner of Naukri.Com reported strong 2QFY17 performance, led by higher than expected revenues and lower advertising expenses (which declined 41% yoy, 14% qoq).
Naukri has maintained a traffic share of 74-75% over the past few months, and is a strong No.1 player in its segment. IT hiring has started to slow down, though the same is being made good by other sectors. The proportion of revenues from Bangalore has declined over the past few quarters. New products such as Referral Hiring Manager and Career Site Manager are seeing decent uptake from clients.
Revenues of 99acres' increased by 16% yoy despite the continued weakness in the property market, particularly in Delhi-NCR. Reduced competitive intensity led to a sharp decline in advertising expenses for this segment, leading to total advertising expense for INFOE declining by 41% yoy. INFOE?s EBITDA loss reduced to 100 mn in 2Q, compared with 160 mn in 1Q.
