(PTI) IT firm Info Edge on Friday posted a consolidated loss of ₹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 ₹4,601.87 crore in the same period a year ago.
According to the company filing, Info Edge wrote off ₹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 ₹5,199.31 million, (consisting of ₹7,194.35 million Goodwill, ₹807.73 million for net assets and reduced by non controlling interest payable of ₹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 ₹365.87 crore from ₹95.96 crore in the December 2021 quarter. The September 2022 quarter, the fair valuation in Zomato was ₹1,019.6 crore.
The consolidated revenue from operations of Info Edge, however, increased by about 40 per cent to ₹589.51 crore during the reported quarter from ₹421.41 crore a year ago.