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ICICI Securities Report
Info Edge India Ltd.'s recruitment business grew 3.4% YoY in Q4 FY24 versus 3.1 YoY in Q3 FY24 (I-Sec: 6.5% YoY). However, billings growth at 10.5% YoY was a beat (our estimate: 7.0% YoY) and bodes well for future revenue growth. Though management refrained from calling out a recovery in IT hiring as yet, it mentioned manpower utilisation is back to pre-covid levels.
Non-IT hiring seems to have slowed down a bit given the high base. In our view, this could also be attributable to the uncertainty over elections. 99acres sustained the trajectory of reducing cash burn led by buoyant real estate sector and improving competitive environment.
Jeevansathi is benefitting from improved monetisation. Shiksha also reported a good quarter in Q4 FY24 after a relatively muted H1 FY24. Maintain Buy with target price of Rs 6,993.
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