Info Edge Q4 Review - Strong Sequential Increase In Billings; Margin Remains A Drag: Motilal Oswal
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Motilal Oswal Report
Q4 FY21 saw a strong revival in Info Edge India Ltd.’s billings in the recruitment and real estate business.
Combined billings stood at Rs 4.1 billion in Q4 FY21, an increase of 25% YoY and 40% QoQ.
While revenue is still down 10% YoY, we expect a strong revival as revenue generally lags billings, given the subscription nature of the business.
Ebitda margin dipped 7% QoQ in Q4 FY21, led by unusually high employee expenses (10% miss to our estimate).
This was on account of a wage hike and higher variable payout to sales employees on higher than expected recovery in Naukri/99acres.
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