Standalone billings for Info Edge grew by 5.48% year-on-year (YoY) to reach INR 2,495.9 Cr in FY24
Info Edge shares jumped 9.8% in the intraday trading to hit a 52-week high
The stock has surged over 60% over the last one year and is currently around 20% higher year-to-date
Shares of Info Edge surged as much as 9.8% during the intraday trading to hit a 52-week high of INR 6,234.95 on the BSE after posting strong Q4 performance update.
By 2.20 PM IST, the shares shed some of their gains and were trading 9.4% higher at INR 6,210 on the BSE.
Standalone billings for Info Edge grew by 5.48% year-on-year (YoY) to reach INR 2,495.9 Cr in FY24.
Within segments, the recruitment solutions vertical of Info Edge, encompassing Naukri and iimjobs, recorded standalone billings of INR 1,883.2 Cr, marking a 1.81% YoY increase in the fiscal year.
Standalone billings for its real estate portal 99acres surged 23.5% to reach INR 385.1 Cr in FY24.
Standalone billings for the company for the quarter ended March 31, 2024 (Q4) stood at INR 826.9 Cr. For its recruitment solutions segment, standalone billings reached INR 625.4 Cr in Q4.
Reportedly, analysts at Nomura said in a research note that the strong recovery in Naukri billings suggests a possible bottoming-out of IT hiring. The company’s management is fairly optimistic about the slowdown in IT hiring to have bottomed out, given near-peak utilisation levels among large IT services companies.
As per Naukri, around 85% of companies are considering starting campus hiring in FY25 and strong deal wins. The Naukri jobspeak index, too, reported a strong rebound in February with month-on-month growth of 13.2%.
With a strong performance in the March quarter and signs of stabilisation in IT hiring, Nomura anticipates Info Edge to report year-on-year billings growth of 15% in FY25 compared to a stagnant figure in FY24.
Info Edge operates real estate portal 99acres.com, online recruitment platform Naukri.com, matrimony portal Jeevansathi.com, and education platform Shiksha.
Its shares have surged over 60% in the last one year and are currently trading around 20% higher year to date.
Meanwhile, Info Edge recorded a remarkable 157% year-on-year (YoY) surge in its consolidated net profit to INR 119.4 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24), primarily due to a substantial exceptional loss of INR 411.8 Cr in the corresponding period of the previous year.
