Good number for infoedge

Infoedge has reported better-than-expected numbers, with revenue broadly meeting expectations. Revenue growth remained steady compared to the previous period and increased by 7.5 percent compared to the previous year. This growth was primarily driven by Jeevansathi, Shiksha, and 99acres, which compensated for the weaker performance of recruitment solutions.

The revenue from recruitment solutions decreased by 1 percent, consistent with predictions, due to the ongoing slowdown in IT sector hiring. Conversely, 99acres saw growth thanks to a robust domestic real estate market. Despite a slight sequential decrease, the EBITDA margin was higher than expected, reaching 40.4 percent, attributed to cost optimization.

Management indicated ongoing challenges in hiring, particularly in the IT sector, which may persist in the coming quarters. The third quarter saw the slowest year-on-year growth in the last 11 quarters, with no clear signs of hiring recovery. The IT consulting sector, serving IT/ITeS, was particularly impacted, evident in reduced hiring trends among the top IT companies. The Jobspeak index also reflected declines, with the IT index down by 19.4 percent year on year, along with a decline in overall hiring activity.