Sharekhan recommended Hold rating on Info Edge (India) with a target price of Rs 3150 in its research report dated June 23, 2020.
Sharekhan's research report on Info Edge (India)
Info Edge delivered revenue growth of 10.3% y-o-y despite nationwide lockdown mandates and continued slowdown in business activities; EBITDA margin missed our estimates owing to higher other expenses. Weak collections in both recruitment and 99acres are indicative of a significant decline of revenues in coming quarters. Though FY2021E is going to be a weak year, we expect normalization of growth in FY2022E given the recovery in economic activity, pent-up demand and rise in hiring activity.
We downgrade our rating on Info Edge (India) to Hold from Buy with a revised PT of Rs. 3,150.
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