CLSA maintains buy on Info Edge India, target price Rs 2,400

CLSA has maintained buy rating on Info Edge in the long term India with a target price of Rs 2,400. The stock ended up 7.7% at Rs 2075.05 on Friday while the Sensex closed 1921.15 points up at 38,014.62.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 319.74 crore, up 5.25% from last quarter sales of Rs 303.80 crore and up 15.39% from last year same quarter sales of Rs 277.08 crore. The company has reported net profit after tax of Rs 62.42 crore in the latest quarter.


Investment Rationale

Info Edge’s stock has moderated following negative newsflow in Zomato and some moderation in its hiring, the brokerage said. With solid long-term growth drivers across the four parts of the business, the brokerage said this provides an attractive entry point. Info Edge remains a scarce listed internet firm that plays into long-term digitisation of recruitment, realty, food and financial products with several dominant or leading platforms, said CLSA.