In-line 3Q, despite pressure on IT; valuations full

Company
11 Mar 2024
5 Min read 
  • Info Edge (India) reported in-line revenue performance in 3QFY24, with a 7.2% YoY increase.
  •  EBITDA margin was a strong beat at 40.4%.
  •  Billings were up 4.8% YoY, in line with expectations.
  •  IT hiring activity remains a key risk, but non-IT sectors have performed well.
  •  99acres posted robust revenue growth of 25% YoY.
  •  Margin improvement and reduced reliance on advertising are positive factors.
  •  Valuations fairly price in growth outlook, with a TP of INR4,950.
  •  Neutral rating maintained on the stock.
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