 "Info Edge rallies 5% in weak market, nears record high on positive outlook")
Shares of Info Edge (India) hit a fresh 52-week high of Rs 7,285.75 on Friday, August 2. Info Edge share price surged 5 per cent today on the BSE in the intraday trade, in an otherwise weak market, on a positive outlook.
The stock of Info Edge is trading close to its record high level of Rs 7,462.95 touched on October 19, 2021. In comparison, the BSE Sensex was down 1 per cent at 81,041 at 10:29 AM. In the past eight months, the stock price of Info Edge has zoomed 59 per cent.
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Info Edge (India) is primarily engaged in providing online and offline services primarily through its online portal Naukri.com, Jeevansathi.com, 99acres.com, shiksha.com, iimjobs.com and offline portal Quadrangle.com. The company's businesses comprise online jobs, real estate, matrimonial and education portals.
Info Edge (India) holds direct investments in food aggregator Zomato (13.53 per cent stake) and PB Fintech (Policybazaar) (19.42 per cent stake).
The board of directors of Info Edge (India) is scheduled to meet on August 09, 2024 to consider and approve the un-audited financial results for the quarter ended June 30, 2024 (Q1FY25).
Sharing its business update for the June quarter, Info Edge said the company reported 10.78 per cent year-on-year (YoY) growth in standalone billings at Rs 579.40 crore in Q1FY25. Recruitment solutions grew 8.52 per cent at Rs 431.40 crore; 99acres for Real estate was up 10.35 per cent at Rs 81 crore, while other segments jumped 28.6 per cent at Rs 67 crore.
Meanwhile, in Q4FY24, Info Edge's strong performance was led by rebound in its recruitment business, excellent execution in its 99acres business and robust margin expansion.
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Looking forward, analysts had said sustained growth momentum in the non-IT sectors is expected to continue to buoy its recruitment business. Also, robust home sales demand and higher traction in Jeevansathi (JS) and Shiksha businesses auger well.
"Strong recovery in recruitment billings, sustained growth momentum in non-IT segments, such as healthcare, infrastructure, manufacturing and BFSI, robust demand for new and resale homes, and higher traction in Jeevansathi and Shiksha auger well for the company’s performance going forward. We also expect margins to improve further, led by better operational efficiencies and lower ad spends," Geojit Financial Services had said in its Q4FY24 result review report. The stock, however, is trading above its target price of Rs 6,935 per share.