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I n l i n e q u a r t e r . …
Info Edge reported its Q3FY12 results, which were in line with our
expectations. The topline for the company stood at | 92 crore against our
expectation of | 92.4 crore, growing 0.1% QoQ and 22.5% YoY. The
EBITDA for the quarter stood at | 34.9 crore against our estimate of | 32.4
crore, posting growth of 5.5% QoQ and 27% YoY. The EBITDA margin
improved 134 bps YoY and 195 bps QoQ primarily led by operating
leverage. The company reported PAT of | 28.9 crore growing 31.6% YoY
and 2.2% QoQ.
Highlights of the quarter
The recruitment business grew 20.3% YoY while other businesses posted
revenue growth of 32.8% 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 lower this
quarter at | 2.9 crore against | 4.1 crore in Q2FY12 and | 2.7 crore in
Q3FY11. Jeevansathi, Naukri and Shiksha posted YoY revenue growth of
14%, 23% and 52%, 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 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 | 593, the stock is trading at 32.8x
FY12E EPS of | 21.5 and 24.4x FY13E EPS of | 28.8. We have valued the
stock using DCF methodology at | 730 (| 750 earlier). Our target price
discounts FY13E EPS by 25.3x and implies an upside of 23%. We
maintain our BUY rating
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
I n l i n e q u a r t e r . …
Info Edge reported its Q3FY12 results, which were in line with our
expectations. The topline for the company stood at | 92 crore against our
expectation of | 92.4 crore, growing 0.1% QoQ and 22.5% YoY. The
EBITDA for the quarter stood at | 34.9 crore against our estimate of | 32.4
crore, posting growth of 5.5% QoQ and 27% YoY. The EBITDA margin
improved 134 bps YoY and 195 bps QoQ primarily led by operating
leverage. The company reported PAT of | 28.9 crore growing 31.6% YoY
and 2.2% QoQ.
Highlights of the quarter
The recruitment business grew 20.3% YoY while other businesses posted
revenue growth of 32.8% 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 lower this
quarter at | 2.9 crore against | 4.1 crore in Q2FY12 and | 2.7 crore in
Q3FY11. Jeevansathi, Naukri and Shiksha posted YoY revenue growth of
14%, 23% and 52%, 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 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 | 593, the stock is trading at 32.8x
FY12E EPS of | 21.5 and 24.4x FY13E EPS of | 28.8. We have valued the
stock using DCF methodology at | 730 (| 750 earlier). Our target price
discounts FY13E EPS by 25.3x and implies an upside of 23%. We
maintain our BUY rating
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