Sharekhan is bullish on Info Edge (India) has recommended buy rating on the stock with a target price of Rs 3650 in its research report dated September 08, 2020.
Sharekhan's research repor on Info Edge (India)
Beat on all fronts; the company reported better-than-expected revenue performance, supported by deferred revenue; EBITDA margin improvement aided by lower advertisement and administration expenses. Overall billings declined by 43.9% y-o-y, which would lead to lower revenue in Q2FY2021; however, management indicated recovery in billings in the IT and telecom segments, which are major contributors to recruitment billings. With the recent fund raised through QIP, Info Edge has cash balance of over Rs. 3,300 crore, which would be largely utilised for merger and acquisition opportunities in its core areas.
Outlook
We upgrade our rating on Info Edge (India) Limited to Buy from Hold with a revised PT of Rs. 3,650, given potential strong earnings growth.
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