Internet Q4 Results Preview - Quick Commerce To Continue Leading The Way: ICICI Securities

ICICI Securities Report

We believe online may continue to outpace offline in Q4 FY24E, with quick commerce continuing to be the fastest growing sub-segment. We estimate Blinkit gross order value to grow more than 100% YoY, aided by a mix of store expansion and assortment.

Even food delivery gross order value growth (our estimate: 29% YoY) could be higher than 20% YoY guidance given during Q3 FY24 earnings call. We estimate Nykaa’s revenue to grow ~29% YoY, which would imply further gain in share from offline.

We estimate Info Edge India Ltd.’s revenue to grow 10.5% YoY, signalling a recovery in both recruitment and real estate. In our view, Nazara Technologies Ltd.’s revenue growth is estimated to remain subdued given a seasonally weaker quarter, but profit delivery could be a positive surprise (our estimate: profit after tax growth of 786% YoY).

Top picks: Zomato Ltd., Info Edge and Nazara.

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