NAUKRI Q2 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
11.5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Info Edge delivered 11.5% YoY revenue growth to INR 593 crore in Q2 FY24, with operating profit expanding 450bps YoY to 36.9% on disciplined cost management. The core Naukri recruitment business faced IT hiring headwinds (45% of revenue) with non-IT segments delivering double-digit growth partially offsetting the drag. The 99acres real estate vertical showed meaningful improvement with operating loss narrowing to INR 16.5 crore from INR 32.4 crore year-ago, while Jeevansathi matrimony reduced burn by 37% to INR 17.5 crore operating loss. Billings growth of only 4.8% YoY signals continued near-term pressure, with management explicitly noting no visibility on IT recovery timing. The company maintains a robust cash position of INR 3,649 crore (standalone) providing substantial strategic flexibility. Key risks include prolonged IT sector weakness, competitive intensity in 99acres from Facebook/Google for real estate ad spend, and uncertain path to profitability in matrimony where Info Edge remains a distant third player.
Colored figures show movement against the previous available record.
Guidance to track
- Management indicated expectations for improved performance in H2 FY24 versus H1, citing potential base effects and stabilization in IT hiring pressures.
- Management declined to commit to a breakeven target for 99acres, stating they would continue executing and invest more if market conditions remain supportive with 25-27% revenue growth.
- Management targets significant burn reduction over the next 6-12 months in matrimony while attempting to reaccelerate revenue growth post-freemium transition.
- Special dividend possibility exists under policy framework; interim dividend of INR 10 declared, consistent with prior year October payout.
Risks flagged
- Management explicitly stated they cannot predict when IT sector hiring will recover, with current conditions unchanged from three months prior. Attrition rates have normalized to 12-13% from 22%, but companies are not replacing departures or campus hires, delaying potential recovery signals.
- Hitesh Oberoi revealed that 99acres' primary competition is not other portals but Facebook and Google capturing real estate advertising spend. This structural challenge means the path to market leadership and profitability may require significant product differentiation and execution excellence.
- Analyst Pankaj Murarka highlighted that Jeevansathi is only 1/6th the size of the market leader in matrimony, with competition unwilling to relent despite years of investment. Management admitted competitors catch up within 1-2 years of any strategic shift.
- Recruitment segment billings grew only 1.4% YoY while revenue grew 9.1%, indicating potential future revenue pressure from deferred recognition and weaker booking trends. This disconnect between leading (billings) and lagging (revenue) indicators suggests ongoing demand weakness.
Key quotes
- We don't know when IT is going to recover. As of now, we are not seeing any recovery on the ground. So things are like they were three months ago.
- We continue to invest very aggressively in our machine learning and AI capabilities across the company. That's not something we want to cut down on.
- In real estate, the primary competition is actually not the other portals, it's actually players like Facebook and Google, who get a large chunk of the real estate advertising spend.
- In Jeevansathi, we are actually the number three player. We may be 1/6th the size of the number one player, maybe 1/5th the size of the number two player. We are tiny in the grand scheme of things.
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