Thread by @ValueEducator

#InfoEdge Q3 22 Concall Highlights 💻🍔

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Consolidated Financials

1. Record Q3 Billing at ₹468.1 crore, up ~58% YoY. Billing including acquired operating businesses

(IIMjobs, Zwayam and DoSelect) at ₹486.4 crore, up ~60% YoY

2. YTD Billing ₹1184.6Cr a YoY growth of 61%.

3. Q3 Revenue at ₹403.3 crore, up ~48% YoY.

4. Adjusted PBT for Q3 stood at ₹2621.1Cr.

5. YTD Revenue at ₹1074.7 crore, up ~33% YoY.

6. Operating EBITDA stood at ₹212.1 Cr vs ₹68.2 Cr last year growth of 64.4% from Q3 2021 and 6% Q3 2020.

7. Operating expense excluding depreciation and amortization was ₹291.2 Cr up 42.7% YoY, primarily driven by advertising and promotion spends.

8. YTD EBITDA stood at ₹318 Cr a YoY growth of 41.8%.

9. Operating EBITDA Margins of the quarter stood at 27.8% compared to 25% last year in the same quarter.

Standalone Financials

1. Cash EBITDA for standalone business for Q3 stood at ₹192.6 Cr compared to ₹92.6Cr last year.

Cash EBITDA including acquired operating businesses (IIMjobs, Zwayam and DoSelect) was at ₹200.9 crore, up ~113% YoY and ₹467.2 Cr for 9M which is up ~205% YoY.

2. During the quarter the company booked exceptional gain of ₹217.8Cr , this related to diminution recorded in value of investment in their wholly owned subsidiary SIHL.

3. Deferred revenue stood at ₹622.8Cr as of 31st December up 58.3% YoY.

4. Cash balance of Info Edge including subsidiaries stands at ₹3855 Cr as of 31st December 2021.

Recruitment Business Update

1. Billing stood at ₹375 crore (including operating acquired businesses), up ~80% YoY.

2. Revenues for recruitment solutions were ₹298.5 Cr up 57.5% YoY

3. Operating EBITDA stood at ₹178.7 Cr up 67.8% YoY and 33% from Q3 2020.

4. Margins peaked 59.9%.
For Naukri India business revenue stood at ₹254.93 Cr up 63.2% YoY.

5. Added 17,000 new CVs per day.
Traffic share continues to be in the mid 70s.

6. Company continues to see strong hiring trends across the recruitment space.

7. IT clients recruiter activity remains at an all time high driven by high attrition in the sector.

8. Consultants in Q2 were in recovery mode but in Q3 they have started exhibiting strong growth.
Non-it clients have been also hiring in large numbers.

9. In the coming quarter if the attrition rate goes down it will impact Naukri business.

Real estate Business Update

1. Billing in 99acres grew by 17.3% YoY to ₹61.4 Cr.

2. Revenue grew from ₹44.9Cr in Q3 21 to ₹58.6Cr Q3 22.

3. Operating loss for the quarter stood at ₹22.6Cr against a loss of ₹3.5Cr last year.

4. Business momentum continued in Q3 and witnessed yoy growth in billings.

5. Higher usage of customers in new and resale segments.

6. Growth was seen in 99 acers in Q3, listing from the owner was up 15% YoY.

7. Growth was seen in New and resale house segments.

8. Omicron impacted 99acres to some extent. But the company is optimistic for Q4.

9. Real estate as a whole can grow in the next 3-5 years and 99 acres being the market leader growth can be seen.

Matrimony Business Update

1. Billings declined by 6.5% YoY in Q3 to ₹24.5Cr but was up 39% compared to Q3 2020.

2. Revenue declined by 1.9% yoy to ₹24.2 Cr.

3. Operating ebitda loss of ₹37.2Cr in Q3 FY22 against a loss of ₹27.6Cr last year.

4. Overall recovery has been seen in the matchmaking business which was temporarily hit by covid.

5. New verification mechanisms were launched for NRI users.

6. For Jeevansathi as its mostly 3 player market and all of them offer the same service so management is thinking of reworking on strategy for jeevansathi.

Company expects business to get better going forward.

Shiksha Business Update

1. Billing at ₹25.7 crore, up ~51% YoY.

2. Revenue grew 65.7% YoY, to ₹21.9 Cr.

3. EBITDA was ₹2Cr for the quarter.

4. Cash EBITDA for the quarter stood at ₹7Cr, YoY growth of 55%.

5. Shiksha saw strong vibrancy in their study abroad segment.

6. Company also saw interest in new colleges and universities advertising on their platform.

7. Recent momentum is backed by positive sentiments among the students who are now involved in online searching of universities and colleges.

Other Updates

1. Company has taken price hikes for some products and has cut down various discounts which were previously being offered which has resulted in better realisation.

2. Overall headcount had not gone up much, but tech headcount has gone up and salary hikes were also given.

3. Policybazaar now to be recognised as a financial investment post its listing and has been carried at mark to market value in books in the wholly owned subsidiary.