Below is an edited transcript of the interview on CNBC-TV18
Q: Why has income from operations fallen flat quarter-on-quarter- From Rs 107 crore it has gone down to Rs 106 crore?
A: The job market continues to be tight. So, collections from Naukri.com have been flattish year-on-year as well. Typically, the third quarter Q3 is seasonally a low period for us so I would not read too much into quarter-on-quarter growth.
Q: Which quarter has been your best?
A: We have begun to worry with Naukri .com posting no growth on a year-on-year basis. The pace of hiring is yet to pick up.
Q: It's almost a year now that revenues have been stagnating at Rs 107 crore. Apart from the impact of the macroeconomic slowdown, what you have done to improve your market-share?
A: Our market-share continues to be healthy at 61-62 percent of the market. In fact, our market share is actually at an-all time high. It is just that companies are not hiring as many as earlier. The attrition rate is down in many companies and that has begun to hurt our growth in terms of the top-line. The 99acres.com business continues to do well and still grows at about 55 percent year-on-year. The Shiksha.com arm also posted growth. But it is Naukri's falling corporate revenue that is starting to hurt right now.
Q: Are you seeing any turnaround at all?
A: Unfortunately, nothing at this moment. We don't expect Q4 to be any better. It could be a while before companies start hiring aggressively. I just hope that the worst is over.
Q: Do you see any turnaround in any of the investees? If the bread-and-butter business is a bit weak, can something be expected from the investees in the next two-to-three quarters?
A: The 99acres.com business is doing very well. It has posted 50-percent growth year-on-year for about 8-to-10 quarters now. The business is now close to breaking even has begun to acquire market share of a reasonable size. And that is something that we are very happy about. It's also big category.
The truth is that companies spend a lot more on real estate and advertising than on jobs. So in the long term, it's a great category to be in if leadership in this space can be sustained. The other verticals are growing at about 20-25 percent. But they are too small to make a big difference to either the top-line or the bottom-line at the moment.
Q: Would you be raising any capital? Any plans to otherwise trim business by decreasing finance cost?
A: We are a debt-free company and have close to Rs 500 crore of cash in the bank. We are utilising the slowdown to invest aggressively in our verticals. So we don't need to retire any debt or raise any funds at the moment.
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