DOCSLIB.ORG

INFO EDGE Recruitment Continues to Disappoint

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
INFO EDGE Recruitment Continues to Disappoint RESULT UPDATE INFO EDGE Recruitment continues to disappoint India Equity Research| IT Info Edge’s (IEL) Q2FY14 revenue at INR1,230mn was below our EDELWEISS 4D RATINGS estimated INR1,268mn. However, EBITDA margin at 35.5%, jumped Absolute Rating REDUCE 500bps QoQ primarily due to lower S&M expenses. Disappointment in Rating Relative to Sector Underperformer recruitment continued as it posted a tepid 8.3% YoY revenue growth (up Risk Rating Relative to Sector Medium 0.2% QoQ). Though IEL does not anticipate a pick-up in hiring activity in Sector Relative to Market Overweight the near term, decent recruitment by IT companies and market share gains are supporting growth. Non-recruitment segments grew 45% YoY MARKET DATA (R: INED.BO, B: INFOE IN) and the management intends to invest further in these to provide growth CMP : INR 345 impetus. We do not perceive any uptick in hiring activities given the Target Price : INR 310 uncertain macro environment. We maintain ‘REDUCE’ with TP of INR310 52-week range (INR) : 405 / 276 (19x FY15E Standalone EPS). Share in issue (mn) : 109.2 M cap (INR bn/USD mn) : 38/ 621 Naukri continues to disappoint Avg. Daily Vol.BSE/NSE(‘000) : 92.2 Hiring activity has been slow given the sustained uncertain macro environment which is amply reflected from Naukri’s YoY subdued growth (below 20% in past six quarters). SHARE HOLDING PATTER N (%) However, the management stated decent recruitment by IT companies and market Current Q1FY14 Q4FY13 share gains are supporting growth. Revenue from this segment grew 8.3% YoY, with Promoters * 52.2 52.2 52.2 operating margin at 50.7% (50.3% in Q1FY14). Further, deferred sales revenue, a lead MF's, FI's & BK’s 13.1 13.1 13.0 FII's 23.0 23.0 23.5 indicator of recruitment revenue, declined 7.6% YoY to INR1.21bn in Q2FY14. It plans to continue investing in product development to gain higher market share. Others 11.8 11.8 11.3 * Promoters pledged shares : NIL (% of share in issue) 99acres continues to fuel growth Traction continued in 99acres as it grew 57% YoY to INR185mn in Q2FY14. We expect PRIC E PERFORMANCE (%) this segment to drive growth in the near term. The management is planning to invest EW further in this segment for product development and a scale-up in operations. Total Stock Nifty Technology Index listings on the portal scaled up to 685,000 (up 42% YoY) in Q2FY14. 1 month 11.7 4.6 9.1 Outlook and valuations: Slow pace persists; maintain ‘REDUCE’ 3 months 10.1 3.7 23.8 12 months (4.3) 11.1 50.0 IEL seems to be hit by the sustained slowdown in hiring activity over the last six quarters and we do not expect any improvement in the macro environment in the near term. While the non recruitment segment is gaining traction, its smaller scale is unlikely to offset the slow growth in recruitment business. The stock is trading at P/E of 21.2x FY15E (standalone), which we deem to be expensive. Maintain ‘ REDUCE/ SU’ with TP of INR310. Sandip Agarwal Financials (Standalone) (INR mn) +91 22 6623 3474 Year to March Q2FY14 Q1FY14 Growth % Q2FY13 Growth % YTD14 FY14E FY15E [email protected] Revenue 1,230 1,208 1.9 1,078 14.1 2,438 5,029 6,232 Omkar Hadkar EBITDA 436 369 18.3 370 17.8 805 1,757 2,250 +91 22 6620 3147 Net profit 333 294 13.1 333 (0.2) 627 1,396 1,778 [email protected] Diluted EPS (INR) 3.0 2.7 13.1 3.1 (0.2) 5.7 12.8 16.3 Deepansu Jain Diluted P/E (x) 36.8 27.0 21.2 +91 22 4040 7576 [email protected] EV/EBITDA (x) 23.1 18.8 14.2 Market cap / Rev. (x) 8.6 7.5 6.0 October 18, 2013 Edelweiss Research is also available on www.edelresearch.com, Edelweiss Securities Limited Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset. IT Chart 1: Deferred sales revenue down QoQ 1,500 70.0 1,200 56.0 900 42.0 (%) (INR mn) (INR 600 28.0 300 14.0 0 0.0 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Deferred sales revenue YoY growth Chart 2: Recruitment revenue (YoY) growth continues to be subdued 920 35.0 820 28.0 720 21.0 (%.) ( INR mn) INR ( 620 14.0 520 7.0 420 0.0 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Revenues YoY growth Chart 3: Revenue and EBITDA loss trend in non-recruitment segments 360 Q214 288 Q114 Q413 216 Q313 Q213 (INR mn) (INR 144 Q113 Q412 72 Q312 0 (108.0) (90.0) (72.0) (54.0) (36.0) (18.0) 0.0 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 (INR mn) Source: Company 2 Edelweiss Securities Limited Info Edge Chart 4: Uptrend continues in number of listings, paid transactions in 99acres.com 700 18.0 560 15.0 420 12.0 ( '000) ( 280 9.0 '000) ( 140 6.0 0 3.0 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 No. of total listings No of paid transactions (RHS) Chart 5: Average revenue per client surge during the quarter in Jeevansathi.com 30,000 4,000 24,000 3,500 18,000 3,000 (INR) (Nos.) 12,000 2,500 6,000 2,000 0 1,500 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Unique paid customers Avg. revenue per client (RHS) Chart 6: Jobspeak index subdued this quarter 1,500 1,200 900 600 (Jobspeak index) (Jobspeak 300 0 Jul 13 Jul Jan 13 Jan Jun 13 Jun Oct 12 Oct Apr13 Feb 13 Feb 13 Sep Dec12 Aug 13 Aug Nov 12 Nov Mar 13 Mar May 13 May Source: Company 3 Edelweiss Securities Limited IT Financial snapshot (INR mn) Year to March Q2FY14 Q1FY14 % Change Q2FY13 % Change YTD14 FY14E FY15E Net revenues 1,230 1,208 1.9 1,078 14.1 2,438 5,029 6,232 Network & other charges 45 41 8.7 36 25.0 86 169 187 Staff costs 475 472 0.7 411 15.6 947 1,932 2,306 Direct costs 520 513 1.4 447 16.3 1,033 2,101 2,493 Gross profit 710 695 2.2 631 12.5 1,405 2,928 3,739 S&m expenses 139 197 (29.4) 138 1.1 337 649 841 G&a expenses 134 129 4.4 123 9.4 263 522 648 EBITDA 436 369 18.3 370 17.8 805 1,757 2,250 Depreciation 40 40 (0.2) 20 93.5 79 131 190 EBIT 397 329 20.6 350 13.4 726 1,627 2,059 Other income 97 134 (27.5) 112 (13.5) 231 446 518 Profit before tax 488 458 6.7 456 7.1 946 2,061 2,577 Tax 155 137 13.0 123 26.7 293 639 799 Core profit 333 320 3.9 333 (0.2) 653 1,422 1,778 Exceptionals - 26 (100.0) - - 26 - Net profit 333 294 13.1 333 (0.2) 627 1,396 1,778 Diluted EPS (INR) 3.0 2.7 13.1 3.1 (0.2) 5.7 12.8 16.3 As % of net revenues Gross profit 57.7 57.5 58.5 57.6 58.2 60.0 SG&A 22.3 27.0 24.2 24.6 23.3 23.9 EBITDA 35.5 30.5 34.3 33.0 34.9 36.1 EBIT 32.3 27.2 32.5 29.8 32.3 33.0 Reported net profit 27.0 24.4 30.9 25.7 27.8 28.5 Tax rate 31.8 30.0 26.9 31.0 31.0 31.0 4 Edelweiss Securities Limited Info Edge Company Description IEL is amongst India’s leading online classified companies, with presence in online recruitment, matrimony, real estate, and offline executive search. It pioneered the online recruitment business under its flagship brand Naukri.com and operates offline recruitment business under the Quadrangle brand. The company’s online matrimony and real estate divisions operate under Jeevansathi.com and 99acres.com, respectively, and are currently in investment mode. New launches include Firstnaukri.com (fresher recruitment site), Brijj.com (professional networking site), asknaukri.com (career guidance website), and shiksha.com (education information portal). IEL’s TTM revenue is INR4.7bn and, employee strength of 2,722 people. Investment theme IEL is a long term play on the internet space in India. With lead in the online recruitment market (through Naukri.com) and presence in the online classified space has the potential to establish a market leading position and grab large pie of increasing online adoption. As various businesses come out of the recent slowdown we see recruitment industry to grow significantly as it is highly correlated to the economic health of the growth of domestic corporate sector. We expect IEL’s earnings growth at 20% CAGR over FY13-15E. However, we see the valuations at P/E of 21.2x and EV/EBITDA of 14.2x FY15E as expensive. Key Risks Faster than anticipated scale up of non-recruitment segments Strong profitability from investee companies. 5 Edelweiss Securities Limited IT Financial Statements Key Assumptions Income statement (INR mn) Year to March FY12 FY13E FY14E FY15E Year to March FY12 FY13 FY14E FY15E Macro Net revenue 3,756 4,362 5,029 6,232 GDP(Y -o-Y %) 6.2 5.0 4.8 6.0 Cost of revenues 1,463 1,812 2,101 2,493 Inflation (Avg) 8.9 7.4 6.0 6.0 Gross profit 2,293 2,551 2,928 3,739 Repo rate (exit rate) 8.5 7.5 7.8 7.0 S&M expenses 516 577 649 841 USD/INR (Avg) 48.0 54.5 62.0 60.0 G&A expenses 369 492 522 648 Company EBITDA 1,408 1,482 1,757 2,250 Naukri Depreciation & Amortization 77 94 131 190 No.
Load more

Recommended publications
  • Franklin India Fund LU0231204701 31 August 2021
    Franklin Templeton Investment Funds India Equity Franklin India Fund LU0231204701 31 August 2021 Fund Fact Sheet For Professional Client Use Only. Not for distribution to Retail Clients. Fund Overview Performance Base Currency for Fund USD Performance over 5 Years in Share Class Currency (%) Total Net Assets (USD) 1.44 billion Franklin India Fund I (acc) USD MSCI India Index-NR Fund Inception Date 25.10.2005 200 Number of Issuers 45 180 Benchmark MSCI India Index-NR 160 Investment Style Blend Morningstar Category™ India Equity 140 Summary of Investment Objective 120 The Fund aims to achieve long-term capital appreciation by 100 principally investing in equity securities of companies of any size located or performing business predominately in India. 80 Fund Management 60 08/16 02/17 08/17 02/18 08/18 02/19 08/19 02/20 08/20 02/21 08/21 Sukumar Rajah: Singapore Discrete Annual Performance in Share Class Currency (%) Ratings - I (acc) USD 08/20 08/19 08/18 08/17 08/16 08/21 08/20 08/19 08/18 08/17 Overall Morningstar Rating™: I (acc) USD 53.68 3.31 -9.75 -0.35 12.92 Asset Allocation Benchmark in USD 53.15 3.00 -7.64 7.12 17.46 Performance in Share Class Currency (%) Cumulative Since 1 Mth 3 Mths 6 Mths YTD 1 Yr 3 Yrs 5 Yrs Incept I (acc) USD 8.00 10.33 21.17 24.53 53.68 43.28 61.24 518.48 % Benchmark in USD 10.94 11.12 22.35 25.75 53.15 45.68 83.30 371.80 Equity 103.05 Category Average 7.59 10.63 20.10 25.82 52.53 37.90 66.00 355.61 Cash & Cash Equivalents -3.05 Calendar Year Performance in Share Class Currency (%) 2020 2019 2018 2017 2016 I (acc) USD 13.92 8.35 -14.74 39.23 2.82 Benchmark in USD 15.55 7.58 -7.31 38.76 -1.43 Past performance is not an indicator or a guarantee of future performance.
    [Show full text]
  • 20210506001-Equity Outlook May 2021-BROCHURE
    EQUITY M AY 2 0 2 1 13.2% 48.4% -0.4% Nifty 50 - Last 5 years Nifty 50 - Last 1 year Nifty 50 - MTD (CAGR) (Absolute) (Absolute) QUICK TAKE Equity market valuations are broadly reasonable We remain bullish on equities Investors are suggested to have their adjusted for the cyclical low in earnings and from a medium to long term asset allocation plan based on one’s risk potential for revival going forward. perspective. appetite and future goals in life. KEY HIGHLIGHTS MARKETS Equity markets saw yet another volatile month driven by news Markets have entered a period of consolidation over the past few flow and policy action. The broader markets continued to weeks as they digest earnings and news flow. While the global outperform frontline stocks driven by high quality mid and small picture is positive, in India the key aspect to monitor is the peak of caps finding favour with investors. Frontline benchmarks, S&P the second wave and the progress of the vaccination drive. From a BSE Sensex & NIFTY 50 ended the month down 1.5% & 0.4% valuations standpoint, the beta normalization is likely to give way respectively. NIFTY Midcap 100 registered a gain of 2.1% while to fundamentals based long term growth. To that effect earnings NIFTY Smallcap 100 rose 5.6%. After a strong start to the year, so far have brought valuations to long term averages. India has lagged its global peers over the last few months Our portfolio companies today encompass a cross section of understandably so on account of the Covid news irking foreign growth ideas ideally suited to benefit from gaps left by weaker investors.
    [Show full text]
  • Info Edge (India) Ltd
    Info Edge (India) Ltd. April 9, 2019 Analyst: Kunal Bhatia Initiating Coverage @ Dalal & Broacha BUY Highest Market Share by traffic coupled with robust industry growth in flagship products (Naukri and 99acres) and investee companies to drive performance Current Price 1,856 Naukri.com Target Price Naukri is benefiting from strong hiring and churning trends in the IT services sector in FY18 2,423 and 9MFY19 (IT sector directly contributes 31% to Naukri.com’s revenues which in turn Upside/Downside 31% contributes 71% to Total standalone sales of Info Edge). Management stated that top 4-5 IT services companies contribute 4-5% to topline whereas Mid to Small tier companies 52 Week Range 1,126/1,930 contribute a larger chunk. Net Additions have been strong in mid to bottom bucket of the companies as well. Naukri revenues reported a growth of 17% YoY in 9MFY19 whereas 5 Key Share Data year CAGR between FY14 and FY18 stood at 12.4% Market M M Market Cap (Rs.bn) 229 99acres (17% of standalone revenues) Market Cap (US$ mn) 3319 99acres has also reported steady performance in the past 2 quarters after the real estate No of o/s shares (mn) 122 industry has moved past the overhang of De-mon, GST and RERA. 99acres grew 40% YoY in Face Value 10 9MFY19 whereas 5 year CAGR was 11.9%. The split between Brokers : Builders is 50 : 50 and company maintains that participation from brokers compared to builders has increased Monthly Avg. 343.8 massively during 9MFY19. Management is of the view that the real estate market has vol(BSE+NSE) Nos’000 stabilized, which is evident through an increase in transactions in Q3FY19 and heightened BSE Code 532777 activity of the broker segment (43% in FY16 to 51% as of December 2018).
    [Show full text]
  • Corporate-Presentation-Oct2014.Pdf
    Info Edge (India) Limited October, 2014 1 Disclaimer This presentation has been prepared by Info Edge (India) Limited (the “Company”) solely for information purposes without any regard to any specific objectives, financial situations or information needs of any particular person. This presentation and its contents are confidential and should not be copied, distributed, disseminated, published or reproduced, in whole or part, or disclosed by recipients directly or indirectly to any other person. By reviewing this presentation, you agree to be bound by the trailing restrictions regarding the information disclosed in these materials. This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth and competition, among others. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company.
    [Show full text]
  • Innovation Creativity Leadership Annual Report 2018-19
    Annual Report 2018-19 Innovation Creativity Leadership + ANNUAL REPORT 2018-2019 ANNUAL Annual Starting with a classifed recruitment Report online business, naukri.com, the 2018-19 Company has grown and diversifed rapidly, setting benchmarks as a pioneer for others to follow. Driven by innovation, creativity, an experienced and talented leadership team and a strong culture of entrepreneurship, today, it is India’s premier online report 2018-19 Annual classifeds company in recruitment, matrimony, real estate, education and related services. INFO EDGE (INDIA) LIMITED ANNUAL REPORT 2018-19 1 TABLE OF CONTENTS CEO’s Message 05 Financial Highlights & Business Snapshots 08 Management Discussion & Analysis 11 Report on Corporate Governance 29 Corporate Governance Certifcate 60 Directors’ Report 61 Annexures to Directors’ Report 80 Auditors’ Report (Standalone) 116 Balance Sheet (Standalone) 122 Statement of Proft & Loss (Standalone) 123 Cash Flow Statement (Standalone) 124 Notes to Financial Statement (Standalone) 126 Auditors’ Report (Consolidated) 166 Balance Sheet (Consolidated) 170 Statement of Proft & Loss (Consolidated) 171 Cash Flow Statement (Consolidated) 172 Notes to Financial Statement (Consolidated) 174 2 INFO EDGE (INDIA) LIMITED ANNUAL REPORT 2018-19 Sanjeev Bikhchandani, Kapil Kapoor, Founder & Non-Executive Chairman Executive Vice-Chairman Chintan Takkar, Whole-time Hitesh Oberoi, Director & Managing Chief Financial Director & Ofcer Chief Executive Ofcer BOARD OF DIRECTORS Saurabh Srivastava, Independent Director Ashish Gupta,
    [Show full text]
  • Annual-Report-2011-12.Pdf
    Education Recruitment Real Estate Matrimonial INFOEDGE Annual Report 2011 2012 INFO EDGE (INDIA) LIMITED ANNUAL REPORT 2011 12 I contents 3 CEO’s Message 6 Company Highlights & Business Snapshots 9 Management Discussion and Analysis 22 Report on Corporate Governance 34 Corporate Governance Certificate 35 Directors’ Report 38 Annexures to Directors’ Report 40 Auditors’ Report (Standalone) 42 Balance Sheet (Standalone) 43 Profit and Loss Account (Standalone) 44 Cash Flow Statement (Standalone) 45 Schedules 70 Auditors’ Report (Consolidated) 71 Balance Sheet (Consolidated) Education 72 Profit and Loss Account (Consolidated) 73 Cash Flow Statement (Consolidated) shiksha.com 74 Schedules 101 Subsidiary Companies Reports & Accounts 99 acres.com Real Estate Matrimonial jeevansathi.com allcheckdeals.com brijj.com naukri.com mydala.com floost.com 99labels.com naukrigulf.com Recruitment firstnaukri.com Investee policybazaar.com quadrangle Companies zomato.com meritnation.com INFOEDGE Annual Report 2011 2012 Board of Directors Mr. Kapil Kapoor Chairman Mr. Arun Duggal Independent Director Mr. Saurabh Srivastava Independent Director Ms. Bala Deshpande Independent Director Mr. Ashish Gupta Independent Director Mr. Naresh Gupta Independent Director Mr. Sanjeev Bikhchandani Founder & Executive Vice-Chairman Mr. Hitesh Oberoi Managing Director & Chief Executive Officer Mr. Ambarish Raghuvanshi Director & Chief Financial Officer Company Secretary Mr. Amit Gupta Auditors Price Waterhouse & Co. Chartered Accountants, Gurgaon - 122 002 Bankers ICICI Bank Limited HDFC Bank Limited State Bank of India Punjab National Bank Canara Bank Bank of Baroda Oriental Bank of Commerce Bank of India State Bank of Hyderabad HSBC Bank Registered Office GF-12A, 94, Meghdoot Building, Nehru Place, New Delhi-110 019 India allcheckdeals.com Corporate Office A-88, Sector-2, Noida - 201 301 Uttar Pradesh, India Infoedge 2011 milestones 1997 2010 2000 2009 1999 2007 2003 2002 firstnaukri.
    [Show full text]
  • Tata Digital India Fund
    Modera erate tely Mod High to e H w at ig o er h L d o M V e r y w H Tata Digital India Fund o i L g (An open ended equity scheme investing in companies in Information Technology Sector) h Riskometer Investors understand that their principal As on 30th April 2021 PORTFOLIO will be at Very High Risk INVESTMENT STYLE Company name No. of Market Value % of Company name No. of Market Value % of Primarily focuses on investment in at least 80% of its net Shares Rs. Lakhs Assets Shares Rs. Lakhs Assets assets in equity/equity related instruments of the Equity & Equity Related Total 119974.86 93.44 Other Equities^ 3110.91 2.42 companies in the Information Technology sector in India. Construction Project Foreign Securities And /Or Overseas 3746.30 2.92 INVESTMENT OBJECTIVE L&T Technology Services Ltd. 109500 2988.15 2.33 Etf(S) Total The investment objective of the scheme is to seek long Retailing Software term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the Info Edge (India) Ltd. 107330 5274.95 4.11 Alphabet Inc. - Class A Common Stock 50 88.56 0.07 companies in Information Technology Sector in India.However, there is no assurance or guarantee that Indiamart Intermesh Ltd. 22089 1755.78 1.37 Amazon.Com Inc. 500 1284.79 1.00 the investment objective of the Scheme will be Just Dial Ltd. 180000 1579.68 1.23 Global X Cybersecurity Etf (Bug) 62500 1251.45 0.97 achieved.The Scheme does not assure or guarantee any returns.
    [Show full text]
  • Momentum Pick
    Momentum Picks Open Recommendations New recommendations Gladiator Stocks Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration 1-Oct-21 Nifty Nifty Sell 17520-17545 17482/17430 17583.00 Intraday Scrip Action 1-Oct-21 ONGC ONGC Buy 142.50-143.00 144.25/145.70 141.20 Intraday Hindalco Buy PICK MOMENTUM 1-Oct-21 UPL UPL Sell 707.00-708.00 700.60/693.80 714.60 Intraday Bata India Buy 30-Sep-21 Trent TRENT Buy 1010-1025 1125 948.00 30 Days HDFC Buy 30-Sep-21 Dhampur Sugar DHASUG Buy 290-294 312 282.00 07 Days Duration: 3 Months Click here to know more… Open recommendations Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration 29-Sep-21 SJVN SJVLIM Buy 28.3-29 31.50 27.00 14 Days 29-Sep-21 National Aluminium NATALU Buy 92-94 101.00 86.50 07 Days Intraday recommendations are for current month futures. Positional recommendations are in cash segment Retail Equity Research Retail – October 1, 2021 For Instant stock ideas: SUBSCRIBE to mobile notification on ICICIdirect Mobile app… Research Analysts Securities ICICI Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT [email protected] [email protected] [email protected] Pabitro Mukherjee Vinayak Parmar [email protected] [email protected] NSE (Nifty): 17618 Technical Outlook NSE Nifty Daily Candlestick Chart Domestic Indices Day that was… Open High Low Close Indices Close 1 Day Chg % Chg Equity benchmarks concluded the monthly expiry session on a subdued note tracking mixed global cues.
    [Show full text]
  • Info Edge India: Summary of Financials
    Asia Pacific Equity Research 30 May 2015 Overweight Info Edge India INED.BO, INFOE IN Robust quarter with broad-based growth; 99acres Price: Rs778.60 ▲ Price Target: Rs1,000.00 could face near-term competitive pressures; stay OW Previous: Rs950.00 Info Edge reported a robust Mar-15 quarter with 25.4% Y/Y revenue growth India (the highest in the last 12 quarters) and significant EBIT margin expansion. Technology, Software & IT Recruitment Services revenues grew 24.6% Y/Y, while 99acres also registered services 33% Y/Y growth. We believe that Info Edge is a structural growth story, but with Viju K George AC potential for quarterly disappointment/aberrations. EBIT margin increased 190bp (91-22) 6157-3597 Y/Y to 29.3% driven by operating leverage. We believe economic recovery will be a [email protected] key catalyst for the recruitment business & 99acres – the two dominant businesses Bloomberg JPMA VGEORGE <GO> for Info Edge. Concerns are emerging for 99acres due to rising competitive intensity Amit Sharma (the emergence of new business models such as Housing.com and (91-22) 6157 3598 commonfloor.com) in real estate portals, but the company remains committed to [email protected] building credible leadership in this business. The Zomato story, in which Info Edge J.P. Morgan India Private Limited holds a majority stake, seems to be shaping up well and contributes materially to Price Performance Info Edge’s value. 90%+ of our target value for Info Edge is driven by these three 1,000 verticals. The success of other venture(s) is an embedded option.
    [Show full text]
  • Inner 22 Digital India Fund
    Modera erate tely Mod High to e H w at ig o er h L d o M V e r y w H Tata Digital India Fund o i L g (An open ended equity scheme investing in companies in Information Technology Sector) h Riskometer Investors understand that their principal As on 31st March 2021 PORTFOLIO will be at Very High Risk INVESTMENT STYLE Company name No. of Market Value % of Company name No. of Market Value % of Primarily focuses on investment in at least 80% of its net Shares Rs. Lakhs Assets Shares Rs. Lakhs Assets assets in equity/equity related instruments of the Equity & Equity Related Total 108718.73 93.64 Other Equities^ 3175.68 2.74 companies in the Information Technology sector in India. Engineering Services Foreign Securities And /or Overseas Etf(s) Total 3229.46 2.78 INVESTMENT OBJECTIVE L&T Technology Services Ltd. 85500 2269.08 1.95 Software The investment objective of the scheme is to seek long Retailing Amazon.Com Inc. 500 1122.89 0.97 term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the Info Edge (India) Ltd. 81330 3481.37 3.00 Global X Cybersecurity Etf (Bug) 60000 1084.05 0.93 companies in Information Technology Sector in India.However, there is no assurance or guarantee that Indiamart Intermesh Ltd. 22089 1709.24 1.47 Microsoft Corporation (Msft) 6000 1022.52 0.88 the investment objective of the Scheme will be Just Dial Ltd. 180000 1553.31 1.34 achieved.The Scheme does not assure or guarantee any returns.
    [Show full text]
  • I 0 Info Edge 0 I Info Edge (India) Ltd
    I 0 INFO EDGE 0 I INFO EDGE (INDIA) LTD. .. Date: July 26, 2018 / Department of Corporate Services, Listing Department, Bombay Stock Exchange Ltd, National Stock Exchange oflndia Ltd, Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot No. C/1, G Block, Dalal Street, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 001 S Mumbai - 400 05 1 i, ... Scrip Code: 532777 Scrip Code: NAUKRI Sub: Submission of Annual Report pursuant to Regulation 34 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (LODR) Dear Sir/Madam, ln terms of Regulation 34(1) of LODR, we hereby submit the Annual Report for the FY 20 17-18 duly approved and adopted by the members as per provisions of the Companies Act, 2013, in the Annual General Meeting of the Company held on Tuesday, July 24, 2018 at 04:30 PM at Sri Sathya Sai International Centre, Bhisham Pitamah Marg, Lodhi Road, New Delhi-110003 . You are requested to take same on record. Thanking You, Yours faithfully, nfo Edge (India) Ltd. Corporate Office: B-8, Sector - 132, Noida - 201304. Tel. : 0120 - 3082000, Fax: 0120-3082095 EMAIL: [email protected] URL: http://www.infoc:ige. in CIN No.: L74899DLI 995PLC06802 I Regd. Office: Grounci Floor l?A OLI 1\Jl o ~\..-' --• " '-' INFOEDGE IS AT THE FOREFRONT OF LEVERAGING ARTIFICIAL INTELLIGENCE FOR OVER A DECADE Our rich data and robust algorithms are built on state-of-the-art deep learning techniques enabling Info Edge to service clients in real time. CONTENTS 05 CEO’s MEssagE 08 HIgHlIgHts & BusInEss snapsHOts 11 ManagEMEnt DIsCussIOn & analysIs
    [Show full text]
  • FTSE India 30/18 Capped
    2 FTSE Russell Publications 19 August 2021 FTSE India 30/18 Capped Indicative Index Weight Data as at Closing on 30 June 2021 Constituent Index weight (%) Country Constituent Index weight (%) Country Constituent Index weight (%) Country 3M India 0.1 INDIA Glenmark Pharmaceuticals 0.14 INDIA Oil India Ltd 0.07 INDIA ABB India 0.13 INDIA GMR Infrastructure 0.1 INDIA Oracle Financial Services Software 0.12 INDIA ACC 0.24 INDIA Godrej Consumer Products 0.45 INDIA Page Industries 0.24 INDIA Adani Enterprises 0.57 INDIA Godrej Industries 0.07 INDIA Petronet LNG 0.24 INDIA Adani Gas 0.4 INDIA Godrej Properties 0.18 INDIA PI Industries 0.3 INDIA Adani Green Energy 0.63 INDIA Grasim Industries 0.82 INDIA Pidilite Industries 0.47 INDIA Adani Ports and Special Economic Zone 0.77 INDIA Gujarat Gas 0.19 INDIA Piramal Enterprises 0.41 INDIA Adani Power 0.15 INDIA Havells India 0.34 INDIA Power Finance 0.21 INDIA Aditya Birla Capital 0.08 INDIA HCL Technologies 1.52 INDIA Power Grid Corp of India 0.78 INDIA Alkem Laboratories 0.11 INDIA HDFC Asset Management 0.27 INDIA Punjab National Bank 0.06 INDIA Ambuja Cements 0.33 INDIA HDFC Life Insurance Company 0.63 INDIA Rajesh Exports 0.11 INDIA Apollo Hospitals Enterprise 0.51 INDIA Hero MotoCorp 0.54 INDIA RBL Bank 0.13 INDIA Ashok Leyland 0.25 INDIA Hindalco 0.75 INDIA REC 0.2 INDIA Asian Paints 1.92 INDIA Hindustan Aeronautics 0.05 INDIA Reliance Industries 9.35 INDIA Astral 0.25 INDIA Hindustan Petroleum 0.3 INDIA Reliance Industries - Partly Paid 0.36 INDIA AU Small Finance Bank 0.23 INDIA Hindustan
    [Show full text]