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Info Edge
B e t t e r - t h a n - e x p e c t e d r e s u l t s …
Info Edge reported its Q1FY12 results that were better than our
expectations. The topline of the company stood at | 86.7 crore against
our expectation of | 81.0 crore, growing 5.9% QoQ and 31.5% YoY. The
EBITDA for the quarter stood at | 31.6 crore against our estimate of | 27.1
crore, posting a growth of 9.8% QoQ and 54.7% YoY. The EBITDA margin
improved 547 bps YoY and 131 bps QoQ to 36.5%, primarily due to
robust revenue growth backed by high operating leverage. The company
reported PAT of | 25.6 crore, growing 48.3% YoY but de-growing 4.8%
QoQ.
ƒ Highlights for the quarter
The recruitment business grew 27.7% YoY while other businesses
posted handsome revenue growth of 50.5% YoY. The portal
99acres.com turned profitable in Q1FY12. The management has
indicated towards higher ad spends in the segment, going forward.
Overall EBITDA losses in other businesses were higher at | 2.7 crore
against | 0.9 crore in Q4FY11 and | 2.5 crore in Q1FY11.
Jeevansathi posted YoY revenue growth of 27%.
V a l u a t i o n
The company reported yet another strong quarter with handsome growth
in recruitment revenues. The management indicated that the long-term
environment looks positive and it would continue to invest in promotional
activities and brand building exercise in other verticals. At the CMP of |
753, the stock is trading at 38.2x FY12E EPS of | 19.7 and 28.3x FY13E
EPS of | 26.6. We have valued the stock using DCF methodology at | 830.
Our target price discounts FY13E EPS by 31.2x and implies an upside of
10%. We have upgraded the stock from HOLD to BUY.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Info Edge
B e t t e r - t h a n - e x p e c t e d r e s u l t s …
Info Edge reported its Q1FY12 results that were better than our
expectations. The topline of the company stood at | 86.7 crore against
our expectation of | 81.0 crore, growing 5.9% QoQ and 31.5% YoY. The
EBITDA for the quarter stood at | 31.6 crore against our estimate of | 27.1
crore, posting a growth of 9.8% QoQ and 54.7% YoY. The EBITDA margin
improved 547 bps YoY and 131 bps QoQ to 36.5%, primarily due to
robust revenue growth backed by high operating leverage. The company
reported PAT of | 25.6 crore, growing 48.3% YoY but de-growing 4.8%
QoQ.
ƒ Highlights for the quarter
The recruitment business grew 27.7% YoY while other businesses
posted handsome revenue growth of 50.5% YoY. The portal
99acres.com turned profitable in Q1FY12. The management has
indicated towards higher ad spends in the segment, going forward.
Overall EBITDA losses in other businesses were higher at | 2.7 crore
against | 0.9 crore in Q4FY11 and | 2.5 crore in Q1FY11.
Jeevansathi posted YoY revenue growth of 27%.
V a l u a t i o n
The company reported yet another strong quarter with handsome growth
in recruitment revenues. The management indicated that the long-term
environment looks positive and it would continue to invest in promotional
activities and brand building exercise in other verticals. At the CMP of |
753, the stock is trading at 38.2x FY12E EPS of | 19.7 and 28.3x FY13E
EPS of | 26.6. We have valued the stock using DCF methodology at | 830.
Our target price discounts FY13E EPS by 31.2x and implies an upside of
10%. We have upgraded the stock from HOLD to BUY.
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