 "IT firm Info Edge reports loss of Rs 116.5 crore in December quarter")
IT firm Info Edge on Friday posted a consolidated loss of Rs 116.5 crore in the third quarter ended December 31, 2022 mainly on account of write-off investment in property tech start-up 4B Networks, dip in valuation of some investments and slowing down of the job market.
The company had posted a profit of Rs 4,601.87 crore in the same period a year ago.
According to the company filing, Info Edge wrote off Rs 519.93 crore in property tech start-up 4B Networks, led by former Housing.com founder Rahul Yadav.
"Investment in 4B Networks Pvt Ltd... amounting to Rs 5,199.31 million, (consisting of Rs 7,194.35 million Goodwill, Rs 807.73 million for net assets and reduced by non controlling interest payable of Rs 2802.77 million...) has been fully impaired," the filing said.
The filing showed fair valuation of Info Edge investments in Zomato recorded a negative value of Rs 365.87 crore from Rs 95.96 crore in the December 2021 quarter. The September 2022 quarter, the fair valuation in Zomato was Rs 1,019.6 crore.
The consolidated revenue from operations of Info Edge, however, increased by about 40 per cent to Rs 589.51 crore during the reported quarter from Rs 421.41 crore a year ago.
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