Info Edge Q1 Review - Recruitment To Drive Growth In Coming Quarters: ICICI Direct
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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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