Internet Q1 Results Preview: B2C Growth Momentum Sustaining, B2B Picking Up: ICICI Securities

ICICI Securities Report

We believe quick commerce may continue to lead the e-commerce space in terms of growth. We estimate Blinkit’s gross order value to grow ~1.5 times YoY in Q1 FY25E. Also, we estimate food delivery business to grow ~23% YoY, sustaining FY24 momentum.

With regards to overall ecommerce space, we believe the proportion of captive logistics continued to increase which may keep express parcel volume growth muted for Delhivery.

In B2B space, we estimate IndiaMART’s revenue growth trajectory to pick up from lows of Q4 FY24. Given the signs of improvement in IT hiring space and sustained performance of non-IT sectors, we estimate Info Edge’s recruitment business revenue to grow ~13% YoY in Q1 FY25E.

Our top picks for the quarter include:

1. Zomato- Buy; target price at Rs 300 and

2. IndiaMART- Buy, target price at Rs 3,500.

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