NAUKRI Q1 FY24 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹626 Cr
verified against source
Revenue YoY
15.1%
reported change
EBITDA
₹208.9 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Info Edge delivered 15.1% YoY revenue growth to INR 584.3 crore on standalone basis, with operating margins expanding 580bps to 35.8% driven by tight cost control—operating expenses grew only 5.6% despite macro headwinds. The core Naukri recruitment business recorded 15.3% revenue growth but billing decline of 4.2% YoY signals ongoing weakness, particularly in IT hiring where the Naukri JobSpeak Index fell 19% YoY in July. The 99acres real estate vertical showed strong recovery with 24.6% revenue growth and operating loss halved to INR 22.5 crore, benefiting from buoyant property markets and disciplined marketing spend. Jeevansathi witnessed 15.3% revenue decline as management pivots to monetize expanded free-chat user base. Management flagged July softness in non-IT hiring alongside IT pressures, raising questions about whether the slowdown has bottomed. Long-term guidance remains constructive—Indexed to 5-6% GDP growth, Naukri should deliver 15-20% growth—though near-term uncertainty persists given extended IT hiring caution and potential election-related deferrals.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans to expand Naukri's physical office presence from current 40 cities to 60-80 cities over 1-2 years, targeting non-IT hiring demand in smaller towns where activity is rising.
- If 99acres continues 20-25% YoY billing growth, management intends to maintain current marketing expenditure levels rather than increase spend, prioritizing profitability over aggressive growth.
- Management reiterated that core Naukri business is indexed to GDP growth; if India grows at 5-6% annually, recruitment platform should deliver 15-20% revenue growth over the long term.
- JobHai is strategically important but unlikely to generate significant revenue in 1-2 years; management is working on unit economics while prioritizing user growth and engagement.
Risks flagged
- Companies report overhiring post-COVID with elevated bench strength; management acknowledges no visibility on when IT services hiring normalizes, risking continued Naukri billing pressure through FY24.
- After stating non-IT could grow 20-25% if GDP holds at 6%+, July jobseeker data showed non-IT also slowing. Management is investigating base effects and seasonal factors, creating guidance uncertainty.
- Despite 6.4% billing growth and traffic gains from free-chat, revenue declined 15.3%. Management admits challenge of converting new users to paying customers in an intensely competitive matrimony market.
- Sanjeev Bikhchandani admitted the INR 288 crore 4B Networks write-off was a mistake, with ongoing arbitration. Internal diligence review may indicate broader portfolio risk management gaps.
Key quotes
- Companies have overhired, attrition rates have come down and their bench has grown, and it'll take maybe a quarter or two before things start going back to normal.
- We think this is a good time to invest... If you have a long-term time horizon, we believe this is a good time to invest, but be careful.
- The real challenge now is to now see how we can monetize these users who have joined the platform over the last few quarters, and that's what we're working on right now.
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