ICICI Securities research report on Info Edge
After a muted Q3FY24 earnings, we note a marked improvement in IT hiring since Nov’23, as per JobSpeak data. This is in line with most managements’ observations on increasing manpower utilisation across IT firms as highlighted in Q3 earnings calls. In our opinion, this is a lead indicator for the much-awaited recovery in IT sector hiring. Non-IT sector hiring continues to be strong across infrastructure/ consumption/ services sectors. We think 99acres should turn profitable by Q1FY25E, aided by strong tailwinds in the underlying real estate sector. Zomato is up 68% since the last 6 months and we believe there is scope for further upside (link). This implies ~USD 4bn valuation for Info Edge’s 13.7% stake at Zomato’s TP of INR 300.
Outlook
Given the multiple potential triggers with limited downside risks, we re-iterate BUY on Info Edge with a revised target price of INR 6,993.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
