Info Edge Q4 Review - Billing Trajectory Continues To Improve: ICICI Direct

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ICICI Direct Report

Info Edge India Ltd.’s Q4 FY21 numbers were below our estimates.

However, the company has seen improving billing growth both on a YoY and QoQ basis.

Billing increased 25.1% YoY, 39.8% QoQ to Rs 415.3 crore, mainly led by 26% YoY growth in recruitment and 41.5% YoY growth in 99 acres billing.

As compared to Q4 FY19 (a pre-pandemic quarter), overall billing was up 15.0%.

Overall revenues on a QoQ basis increased 6.5% QoQ.

Ebitda margins declined from 29.9% in Q4 FY20 to 18.3% (below our estimate of 29.6%) mainly led by wage hike, one-time incentive and higher other expenses.

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