Buy Info Edge (India), target price Rs 4650: JM Financial

JM Financial has hold call on Info Edge (India) with a target price of Rs 4650. The current market price of Info Edge (India) is Rs 3375.5.

Info Edge (India), incorporated in the year 1995, is a Large Cap company (having a market cap of Rs 44206.81 Crore) operating in Services sector.

Info Edge (India) key Products/Revenue Segments include Sale of services for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 967.45 Crore, up 33.11 % from last quarter Total Income of Rs 726.81 Crore and up 81.21 % from last year same quarter Total Income of Rs 533.88 Crore. Company has reported net profit after tax of Rs 80.08 Crore in latest quarter.

The company’s top management includes Mr.Kapil Kapoor, Mr.Sharad Malik, Mr.Naresh Gupta, Ms.Bala Deshpande, Mr.Saurabh Srivastava, Ms.Geeta Mathur, Mr.Chintan Thakkar, Mr.Hitesh Oberoi, Mr.Sanjeev Bikhchandani, Mr.Ashish Gupta. Company has S R Batliboi & Associates LLP as its auditors. As on 31-12-2022, the company has a total of 13 Crore shares outstanding.

Investment Rationale
While the brokerage assumes a slowdown in recruitment billings over the next 1-2 quarters we also expect a quick rebound supported by stable GDP growth and increase in offshored jobs demand.

Promoter/FII Holdings
Promoters held 38.05 per cent stake in the company as of 31-Dec-2022, while FIIs owned 31.88 per cent, DIIs 16.68 per cent.