NAUKRI Q2 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹701 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹251 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 a solid Q2 FY25 with standalone revenue of INR 656 crore (+11% YoY) and operating profit of INR 251 crore (+15% YoY), with margins expanding 137bps to 38%. The recruitment business rebounded strongly—billings grew 14% YoY to INR 492 crore, the first double-digit growth in five quarters, driven by broad-based strength across IT (+12%), non-IT (+20%), and consulting segments (+10%). Reported PAT of INR 86 crore was impacted by a INR 260 crore deferred tax charge from the Finance Act 25 changes; adjusted PAT was INR 346 crore (+66% YoY). The non-recruitment businesses are converging toward self-sustainability—matrimony is near break-even with operating loss down 96%, while 99acres targets near breakeven for FY25 if H2 billings grow ~20%. AI deployment across 500+ models is delivering 10-20% efficiency gains. The board declared interim dividend of INR 12/share while maintaining a robust cash balance of INR 4,268 crore. The primary risk is that IT sector hiring recovery remains nascent and the BFSI segment shows mixed signals despite the improved JobSpeak index (+10% YoY in October).
Colored figures show movement against the previous available record.
Guidance to track
- Management has set a higher billing growth target for Q3 than the 14% achieved in Q2, expecting sustained momentum from improved hiring sentiment and strategic product expansion.
- If 99acres delivers ~18-20% billing growth in H2 FY25, the business will approach break-even for the full year, compared to operating losses of INR 28 crore in H1.
- Matrimony business, which lost INR 100+ crore two years ago, is expected to reach break-even or close to it in FY25, with operating loss reduced 96% to INR 70 lakhs in Q2.
- Naukrigulf will end FY25 at a little over INR 100 crore revenue, making it a meaningful contributor while remaining a tiny part of total recruitment revenue.
Risks flagged
- IT companies have built up large benches with utilization rates recovering to pre-COVID levels after six quarters of decline. Any slowdown in IT hiring could impact the core Naukri business, which saw 12% growth from this segment.
- Despite strong non-IT growth including BFSI in Q2, management noted some negative commentary and potential headwinds in BFSI, which has historically been a key vertical for Naukri.
- Tighter visa restrictions for Australia and Canada, combined with fewer post-study job opportunities, have led to declining interest in Shiksha's study abroad segment despite steady 21% growth in domestic education business.
- Housing.com continues aggressive spending, maintaining intense competition in the 99acres segment. Management noted no change in competitive dynamics despite 99acres improving performance over recent quarters.
Key quotes
- We had a tough five or six quarters, and we've grown in double digits maybe after five quarters of low single-digit growth. October was not bad. October JobSpeak looks good despite Diwali being in October this time. We are hoping that this momentum will continue at least for some more time.
- If top-line continues to grow at 14%-15% per annum, the margins should get better going forward. We are not margin-driven in that sense. We focus on top line. And we, of course, are frugal when it comes to spending.
- We are seeing a lot of opportunity to grow faster in some of the new things that we are doing. AI is going to almost every new feature which is being developed or every new innovation inside Info Edge now. We have over 500 models across AI and machine learning that are driving new products, features, and enhancements.
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