Info Edge (India) Ltd's Q3FY19 standalone net profit declines 4.8% qoq to Rs74cr : Misses Estimates

The company’s standalone revenue stood at Rs281cr, up 6.1% qoq and 23.7% yoy.

Jan 29, 2019 01:01 IST India Infoline Research Team

Info Edge (India) Ltd Q3FY19

Standalone Results Q3FY19: (Rs in cr)

Q3FY19 QoQ (%)
Revenue 281.06 6.1
EBITDA 83.29 0.9
EBITDA Margin (%) 29.6 [150]
Net Profit (adjusted) 74.31 [4.8]
***EBITDA margin change is bps
Info Edge's numbers for Q3FY19 were below expectations on EBITDA and PAT fronts. Revenue grew by 23.7% yoy and 6.1% qoq to Rs281cr against median consensus estimate of Rs269cr. EBITDA came in at Rs83cr, down 6.2% yoy but up 0.9% qoq, against median consensus estimate of Rs86cr. EBITDA margin contracted by 928bps yoy and 150bps qoq to 29.6%. Reported PAT was up by 17.3% yoy to Rs74cr as against median consensus estimate of Rs79cr.
  • There was an exceptional item during the corresponding quarter of the previous year amounting to Rs17cr. Adjusting for the same, the net profit growth on qoq and yoy basis was -4.8% and -1.2% respectively.
  • Billing at Rs272cr was up by 19.1% yoy.
  • The company reported strong growth in deferred sales revenue (amount collected in advance), which is positive and points at up-trading. Unearned revenue grew by 21.5% yoy to Rs404.5cr.
  • Revenue growth was aided by strong growth across major segments. Overall billing grew by 19.1% yoy.
  • Real estate grew by 47.8% yoy with billing growth of 29.6% yoy.
  • Recruitment was up by 20.5% yoy with billing growth of 18.7%.
  • Margins were impacted on account of higher Advertisement cost, up 1,105bps yoy.
  • PAT was also impacted on account of higher effective tax rate of 33.2% vs. 29.9% in Q3FY18.




Technical View:

Info Edge (India) Ltd is currently trading at Rs. 1,698.40, up by 26.55 points or 1.59% from its previous closing of Rs. 1,671.85 on the BSE.
The scrip opened at Rs. 1,670 and has touched a high and low of Rs. 1,749.85 and Rs. 1,657.45 respectively. So far 2,78,722 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.

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