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G r o w t h i n l i n e . …
Info Edge reported its Q2FY12 results, which were in line with our
expectations. The topline for the company stood at | 91.9 crore against
our expectation of | 92.4 crore, growing 6.1% QoQ and 29.1% YoY. The
EBITDA for the quarter stood at | 33.1 crore against our estimate of | 32.4
crore, posting a growth of 4.6% QoQ and 54.8% YoY. The EBITDA margin
improved 546 bps YoY primarily due to robust revenue growth backed by
high operating leverage but declined 51 bps QoQ to 36.0%. The company
reported PAT of | 28.2 crore, growing 57.9% YoY and 10.3% QoQ.
Highlights of the quarter
The recruitment business grew 26.6% YoY while other businesses posted
a handsome revenue growth of 33.6% YoY. The management has
indicated that it would continue to invest in the business even in the
current macro environment. Overall EBITDA losses in other businesses
were higher at | 4.1 crore against | 2.7 crore in Q1FY12 and | 5.9 crore in
Q2FY11. Jeevansathi, Naukri and Shiksha posted YoY revenue growth of
15%, 32% and 78%, respectively.
V a l u a t i o n
The company reported yet another strong quarter with robust growth in
recruitment revenues. The management has indicated that the long-term
environment looks positive and it would continue to invest in promotional
activities and brand building exercise in other verticals even amid the
slowing economy. At the CMP of | 704, the stock is trading at 33.4x
FY12E EPS of | 21.1 and 24.7x FY13E EPS of | 28.5. We have valued the
stock using DCF methodology at | 785. Our target price discounts FY13E
EPS by 27.6x and implies an upside of 11.6%. We maintain our BUY
rating on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
G r o w t h i n l i n e . …
Info Edge reported its Q2FY12 results, which were in line with our
expectations. The topline for the company stood at | 91.9 crore against
our expectation of | 92.4 crore, growing 6.1% QoQ and 29.1% YoY. The
EBITDA for the quarter stood at | 33.1 crore against our estimate of | 32.4
crore, posting a growth of 4.6% QoQ and 54.8% YoY. The EBITDA margin
improved 546 bps YoY primarily due to robust revenue growth backed by
high operating leverage but declined 51 bps QoQ to 36.0%. The company
reported PAT of | 28.2 crore, growing 57.9% YoY and 10.3% QoQ.
Highlights of the quarter
The recruitment business grew 26.6% YoY while other businesses posted
a handsome revenue growth of 33.6% YoY. The management has
indicated that it would continue to invest in the business even in the
current macro environment. Overall EBITDA losses in other businesses
were higher at | 4.1 crore against | 2.7 crore in Q1FY12 and | 5.9 crore in
Q2FY11. Jeevansathi, Naukri and Shiksha posted YoY revenue growth of
15%, 32% and 78%, respectively.
V a l u a t i o n
The company reported yet another strong quarter with robust growth in
recruitment revenues. The management has indicated that the long-term
environment looks positive and it would continue to invest in promotional
activities and brand building exercise in other verticals even amid the
slowing economy. At the CMP of | 704, the stock is trading at 33.4x
FY12E EPS of | 21.1 and 24.7x FY13E EPS of | 28.5. We have valued the
stock using DCF methodology at | 785. Our target price discounts FY13E
EPS by 27.6x and implies an upside of 11.6%. We maintain our BUY
rating on the stock.
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