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Info Edge Q1 Review – Strong Billing Growth To Continue, Valuations Full: Motilal Oswal

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Info Edge India Ltd. delivered a strong revenue growth in Q1 FY23, with a standalone revenue growth of 59% YoY (our estimate: 54%) on better than expected performance in 99acres (up 35%).

Ebitda margin rose 400 basis points QoQ to 32.1% (our estimate: 28.3%) due to lower ad spends (300 bps impact) in Jeevansathi, where it has initiated a change in its business model to free from paid services.

Q1 FY23 saw continued momentum in billings (up 62% YoY to Rs 5.2 billion), ahead of our estimate, led by Naukri (up 65%).

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Info Edge indicated continued strength in the Naukri business over the near term, although the demand slowdown in the IT sector remains a key risk, given its 60% contribution to revenue.

We expect the recruitment vertical to maintain its strong revenue growth in FY23 on the back of elevated billing, which should drive a revenue compound annual growth rate of 30% over FY22-24.

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