Geojit's research report on Info Edge (India)
Info Edge (India) Limited operates an online job posting website. The website offers services for recruiters, job seekers, and employers. The company also operates an online matrimonial website for prospective brides, grooms, and relatives. Consolidated revenue grew 14.4% YoY to Rs. 626cr (+3.5% QoQ) in Q1FY24, driven by healthy growth in Naukri.com and 99acres segments. EBITDA remained strong at Rs. 203cr with a margin of 32.4%, due to lower marketing and advertising spends. Profit after tax (PAT) dropped 50.0% YoY to Rs. 147cr but recovered sharply from the previous quarter. Info Edge reported a decent quarter, with modest growth in topline, supported by the recruitment business despite slowdown in IT hiring. 99acres and other businesses grew well and are expected to grow further with continued innovations and investments.
Outlook
Hence, we reiterate our BUY rating with a rolled forward target price of Rs. 4,896 based on SOTP valuation.
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.
