From India Today: 2024-04-08 02:07:00

Shares of Info Edge Ltd (Naukri) surged to new all-time highs after reporting standalone billing of Rs 826.9 crore for the quarter ended on March 31, 2023, up 10.45% YoY. For FY23-24, billings rose 5.47% to Rs 2,495.9 crore. Real Estate billings grew 26.4% to Rs 131.1 crore in the quarter.

Following the positive updates, shares fell over 9.01% to Rs 6,189 with a market cap over Rs 80,000 crore. Citi upgraded Info Edge to ‘buy’ with a target of Rs 6,650. Nomura maintained a ‘buy’ with a target of Rs 6,210. ICICI Securities also gave a ‘buy’ call with a target price of Rs 6,993.

Nomura highlighted strong growth in recruitment billings, optimistic about IT hiring recovery. Kotak Institutional Equities expects 3% YoY revenue growth for Naukri and 23% for 99acres, with flat sequential performance expected. Non-IT sector support is crucial. EBITDA margin is projected to increase, with Naukri’s margin at 59.5%.



Read more at India Today: Info Edge shares rally over 9% to hit new highs after Q4 updates; check latest target prices