Motilal Oswal's research report on Info Edge
Info Edge (INFOE) delivered in-line revenue growth in 3QFY25, with standalone revenue rising 12.8% YoY/2.4% QoQ. EBITDA margin came in at 43.1% (up 130bp QoQ/270bp YoY), beating our estimate of 40.6%. Overall billings were up 15.8% YoY and stood at INR6.7b. Reported PAT was down 6.3% YoY to INR2.0b (below our est. of 2.5b). The company’s revenue/EBITDA grew 10.9%/14.8% YoY while PAT declined 16.7% YoY in 9MFY25 compared to 9MFY24.
Outlook
We expect revenue/EBITDA/PAT to grow 14.7%/20.6%/28.0% YoY in 4QFY25. We reiterate our NEUTRAL rating on INFOE with a TP of INR7,100, implying a 10% downside.
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