Nomura has maintained its buy rating on Info Edge with a target price of Rs 8,280, indicating a potential upside of 3.5% from the current market price (CMP) of Rs 8,000.00. The brokerage highlights a continued strong recovery in Naukri billings, which has been a key driver for the company.
While the real estate vertical (99acres) saw billings grow by 16.5% year-on-year (y-y), it fell short of the expected 25% y-y growth. Similarly, the education and matrimony verticals recorded billings growth of 12.1% y-y, compared to the forecasted 25% y-y growth. Overall, Info Edge’s total billings were up 14.3% y-y, slightly below the 17.4% growth expectations.
Despite these mixed results, Nomura remains positive on Info Edge’s long-term prospects due to the strength in Naukri’s recovery.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors should consider consulting a financial advisor before making any investment decisions.
