ICICIdirect.com has maintained its hold rating on Info Edge with a price target of Rs 450 in its November 4, 2008 report. "Info Edge posted a topline of Rs 65.42 crore, registering the lowest YoY growth of 24.36% in the past six quarters. PAT grew 3.50% YoY at Rs 15.67 crore. On a QoQ basis, PAT margins improved by 235 bps due to lower tax rate and higher other income. Given the macro conditions and slowdown in recruitment, we have lowered the future earning growth rate and altered our DCF assumptions. Using the DCF approach we have arrived at a target price of Rs 450.22. The target price discounts the FY10E EPS of Rs 27.63 by 16.3x. We maintain our rating as Hold," says ICICIdirect.com's research report.
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