BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Info Edge India Ltd. reported robust Q1 FY22 numbers that were above our estimates.
Revenues increased 10.2% QoQ mainly led by 12.0% QoQ increase in recruitment revenues and 16.2% QoQ increase in other revenues.
Ebitda margins increased from 18.3% in Q4 FY21 to 31.2% in Q1 FY22 mainly led by lower advertising expenses, network and other expenses.
Naukri reported a revenue increase of 11.2% YoY (up 12.0% QoQ) to Rs 222.6 crore while margins declined 431 basis points YoY (up 592 bps QoQ) to 52.9%.
Billings in Naukri increased 73.6% YoY (down 18.3% QoQ) in Q1 FY22.
In terms of revenue share, Info Edge generates 67% from database subscription (expects it to hover around this level) and 15% from job listing (aims to improve its share).
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