Info Edge, owner of leading job portal naukri.com, today posted a 30 per cent jump in profit after tax at Rs 17.3 crore, driven by strong revenues amid revival in corporate hiring and real estate sector.
The company had reported a profit after tax of Rs 13.3 crore in the year-ago period, it said in a statement.
Total income rose 17 per cent to Rs 72.4 crore in the first quarter of this fiscal, compared to the corresponding quarter in FY 09-10.
"The business environment, especially for hiring and real estate continues to improve, leading to a spike in topline. The indicators like business confidence, GDP, Naukri Job Speak Index are all up, which augurs well for our businesses," Info Edge (India) CFO and Director Ambarish Raghuvanshi said.
"Also, the adjustments and gains we made during 2008-09 and 2009-10 will hold us in good stead as markets improve," Raghuvanshi added.
Besides, Info Edge's board has restructured the top management and the changes would come into effect from July 26, 2010. The board has appointed Hitesh Oberoi, the current COO, as the Managing Director and CEO in place of Sanjeev Bikhchandani, the company statement said.
Bikhchandani will take up the role of founder and Executive Vice Chairman of the company, it added.
The company's income from recruitment solutions grew 24 per cent, while realty portal 99acres.com business grew 80 per cent during the quarter.
Other verticals apart from naukri.com, including 99acres.com and matrimony site jeevansathi.com narrowed down their losses to Rs 25 million in the first quarter of FY'11, as against a loss of Rs 44 million for the same quarter last year.
The restructuring of top management would entail Oberoi to oversee the current businesses of the company, while Bikhchandani would focus primarily on strategic matters, investments and acquisitions.
Both Bikhchandani and Oberoi would report directly to the Board.
The current CFO, Ambarish Raghuvanshi, would transition to the role of Group President Finance and Chief Financial Officer, the company added.