Indian property portal 99acres.com has finally turned a profit, according to full year financial results from parent company Info Edge.
99acres.com began 2011 in third place in the Indian online real estate market, behind magicbricks.com and indiaproperty.com. As business-standard.com reports, Info Edge has now reported 47.49 percent growth in profit after tax to Rs 83.97 crore for the year ended 31 March, 2011.
vccircle.com adds that 99acres.com was able to report its first profit of Rs 0.39 crore. This result comes after Info Edge reported 74 percent growth at the portal in the three months to December 2010.
“I think 99acres.com had a fantastic year,” said Info Edge CEO and managing director Hitesh Oberoi in an interview with moneycontrol.com. “For the first time in its history, it broke even on an annual basis, although on a very low revenue base still.”
March comScore figures for India’s top four property portals, provided by market leader magicbricks.com, show no change in the line up, with 99acres.com still in third place:
99acres.com is part of a larger network of online portals covering jobs, match-making and other areas, and claims to have over 15,000 brokers and builders as paid clients.