IT hiring slowdown to hit Info Edge revenues in second half of FY23

Ongoing investments in 99acres amid rising competition may hinder profitability

Led by its recruitment vertical, Info Edge (India) posted better-than-expected performance in the September quarter. The company reported a 47 per cent jump in standalone revenues led by the online hiring segment (Naukri.com) which saw a growth of 56 per cent. The strong growth in the vertical was on account of 16 per cent YoY growth in paying customers while realisations grew 35 per cent. Pperating profit margins for the company also grew sequentially by 250 basis points to just under 35 per cent on the back of lower ad spends and staff costs.

With attrition levels moderating and supply