99acres Continues to Grow Revenue in Q1 as Indian Housing Market Picks Up

by Edmund Keith
September 4, 2023
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The Indian online marketplace operator and parent of the 99acres portal, Info Edge has released its results for Q1 of the Indian 2023-2024 financial year. Highlights of the company's performance for the period include:

  • Total company revenue was INR 5,843 million, up from INR 5,077 million in the comparison period.
  • Total company profit before tax was INR 2,667 million for the quarter, up from INR 1,942 in the comparison period.
  • Revenue for 99acres was up 25% for the quarter at INR 827 million.
In addition to the 99acres real estate portal, Info Edge also runs the popular jobs vertical Naukri as well as the matrimonial site Jeevansathi and educational site Shikasta. Naukri accounts for around 80% of company revenues while Info Edge's real estate operation represents between 10-15% and is yet to be consistently profitable.
In a call with investors, Info Edge CEO, Hitesh Oberoi said that the uptick in 99acres performance was due to "the positive sentiment in the
underlying real estate market". Oberoi also mentioned that increased traffic and leads had helped the portal raise prices over recent quarters although any increased marketing spend would depend on market conditions and assessment of the competition.
Listings volumes remained t¡steady during the quarter with the percentage of listings dropping sequentially from 62% to 57% although the figure was well above comparison quarters over the last few years.
by Edmund Keith
September 4, 2023
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

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