Info Edge Q3 Results Review - Inline Operating Performance: Yes Securities

Yes Securities Report

Info Edge (India) Ltd.'s reported broadly inline financial performance for the quarter. While, the sequential revenue growth was below estimates; Ebitda margin was inline with expectation. Revenue grew by 0.4% QoQ, led by 1.7% QoQ growth in the revenue of Real Estate (99acres) business.

Consolidated Billing was muted on account of weak hiring sentiments in the IT sector, as it was up 4.8% YoY. Ebitda margin decreased by 24 basis points QoQ to 40.4%, led by control on operating expense.

Added 2 million resumes (QoQ) in the quarter to end at 96 million resumes. We estimate revenue compound annual growth rate of 20.3% over FY23‐26E with average Ebitda margin of 38.9% over the period.

We maintain our 'Add' Rating on the stock with revised target price of Rs 5,936/share based on SOTP method. The stock trades at earning price of 71.7 times/61.6 times on FY25E/FY26E on standalone basis.

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