Buy Info Edge: ICICI Securities

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Buy Info Edge: ICICI Securities

Broking house, ICICI Securities, is bullish on Info Edge and has recommended buy rating on the stock.

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Broking house, ICICI Securities, is bullish on Info Edge and has recommended buy rating on the stock.

Info Edge report on ICICI Securities:

"Info Edge (India) (IEIL) owns some of India's most popular internet properties such as - naukri.com (India's #1 job portal), jeevansathi.com (India's #3 matrimonial portal) and the recently launched property portal, 99acres.com. The company also owns Quadrangle, an offline division focussed on executive search. In FY06, IEIL registered Rs 824 million operational revenues, 28.2% EBITDA margin and Rs 140 million PAT (excluding an ESOP charge of Rs 7.3 million)."

"Revenues grew at 110% CAGR through FY03-06. The company boasts of a high 67.6% RoIC. We estimate IEIL's PAT to grow 107% & 84.3% to Rs 275 million & Rs 506 million in FY07E & FY08E respectively. EPS (excluding ESOP) growth is estimated at 62.7% & 81.3% to Rs 10.4 & Rs 18.9 in FY07E & FY08E respectively. IEIL is backed by promoters with strong educational and professional credentials. We initiate coverage on the stock with a BUY rating."