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ICICI Securities Report
In Q1 FY25, Info Edge India Ltd. grew revenues at 9.3% YoY, missing our estimates. However, management, on the call, sounded incrementally positive on the recovery of the recruitment business, given a sharp improvement in Jobspeak data in July 2024 and improving sentiment of their sales team.
Info Edge is also investing in increasing its footprint in tier-2/3 cities, which is helping in boosting growth in the non-IT recruitment business. According to management, the real estate business was impacted in Q1 FY25 due to election uncertainty.
The matrimonial and education businesses are both expected to breakeven by end-FY25. Management highlighted a potential recession in U.S as a key risk in the near term, which is contributing to uncertainty in the recovery of the IT recruitment business. Maintain 'Hold'.
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Info Edge India Q1 Results Review – Broadly Inline; Green Shoots In IT Related Hiring: Centrum
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