Info Edge gains after exiting Happily Unmarried Marketing
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Info Edge (India) Ltd. | CMP Rs 4268.60 | Info Edge (India) Ltd. shares gained by 3 percent on June 12, following the announcement of the sale of its shareholding in Happily Unmarried Marketing Private Limited (HUM) to VLCC Health Care Limited (VLCC). HUM, which had zero revenue, was sold at Rs 61 crore as announced through a filing to the exchanges on June 9. Info Edge reported a Rs 608 crore revenue in Q4FY23, up 22 percent for the Q4FY23. The net profit increased by 48 percent to Rs 179 crore in Q4FY23. The EPS for the stock increased to 13.87 in Q4FY23 as against 9.38 for Q4FY22.
Info Edge (India) Ltd shares closed 3 percent higher at Rs 4,264.85 on the National Stock Exchange on June 12 after the company announced the sale of its entire shareholding in personal care firm Happily Unmarried Marketing Private Limited.
Info Edge sold its stake in Happily Unmarried, which had nil revenue, for Rs 61 crore to VLCC Health Care Limited (VLCC).
The sale, announced to the exchanges on June 9, would be executed through cash and other than cash consideration (swap of shares) basis.
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Info Edge has been in the news following financial lapses at 4B Networks, founded by Rahul Yadav. Info Edge disclosed that its subsidiary, Allcheckdeals India, invested Rs 288 crore in 4B Networks (Broker Network). Despite repeated requests, 4B Networks failed to provide financial results.
Info Edge, which is the largest shareholder, wrote off its investment and initiated a forensic audit of 4B Networks. Deloitte Touche Tohmatsu India LLP has been appointed as the forensic auditor.
As reported by Moneycontrol on June 8, Yadav has asked for two weeks to consider granting Info Edge the permission for the audit.
Info Edge has a market capitalisation of Rs 55,007.89 crore and is the parent company of Naukri.com, Jeevansathi.com, and 99Acres.com.
Info Edge reported revenue of Rs 608 crore in the fourth quarter of FY23, up 22 percent for the year-ago quarter. Net profit was up 48 percent to Rs 179 crore. The EPS increased to 13.87 in Q4FY23 as against 9.38 for the corresponding quarter of the previous year.
The operating margin increased by 500 basis points during the March quarter for FY23 from the year-ago period. One basis point is one-hundredth of a percentage point.
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