NAUKRI Q3 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
₹627 Cr
verified against source
Revenue YoY
7%
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 Q3 FY24 delivered 7% YoY standalone revenue growth to INR 614 crore (including Zwayam/DoSelect), with operating margin holding flat at 36.7%. The recruitment segment—contributing ~74% of standalone revenue—saw billing degrow 1% YoY due to persistent IT sector weakness (JobSpeak index down 14% YoY), offset partially by 28% growth in Naukrigulf and strong performance in Naukri FastForward (+19%) and iimjobs.com (+22%). Operating expenses grew 7% as the company invests in tier-2/3 expansion and AI/ML capabilities. The 99acres real estate business showed meaningful improvement with operating loss narrowing 44% to INR 15 crore on 22% revenue growth and 5% cost increase (operating leverage). Jeevansathi loss halved to INR 14 crore with marketing spend cut 39% YoY. Shiksha reached breakeven. Management acknowledges uncertainty on IT hiring recovery and declined to provide Q4 guidance, noting that the critical quarter-end renewal period will determine trajectory. The company maintains its AIF deployment at a measured pace amid slower startup ecosystem funding.
Colored figures show movement against the previous available record.
Guidance to track
No guidance to track were recorded for this quarter.
Risks flagged
- Management explicitly declined to predict Q4 trajectory, stating they have 'no idea' how billings will shape up despite Q4 typically being the strongest quarter. IT business is down ~6-7% YoY and consultants down ~8-10%, with no visible recovery in Q3.
- Hitesh Oberoi clarified that while GCCs are growing in number, new ones start small (20-100 people) and don't use Naukri until they reach 300-500 headcount. Larger existing GCCs owned by US/BFSI firms have not been hiring aggressively, limiting near-term demand.
- 41% YoY billing growth in Shiksha was attributed to early campaigns from domestic clients tied to earlier JEE Main scheduling. Management explicitly warned: 'I would not read too much into this' and 'It's not as if Shiksha is going to start growing at 40% from here on.'
- Vivekanand from Ambit pressed Sanjeev on the announced three-year deployment timeline for AIF commitments. Sanjeev acknowledged: 'We are investing a lot slower than we initially imagined' and may take longer than three years for full deployment.
Key quotes
- We didn't see any recovery in Q3. Q3 was, IT hiring was slow in Q3 as well. What we've been seeing for the last three quarters now is a serious slowdown in IT hiring.
- If IT companies bounce back, if they start hiring like they used to hire even pre-COVID, I mean, that's very good news for us. And if we are able to grow our IT business by 10%-12%, and if we are able to grow our non-IT business by 14%-15%, we can aspire to grow in double digits.
- When there is a shortage of money, you have to break even. I think we are seeing that. Enough companies are doing it, and more are doing it than I think I had anticipated 16 months ago when I tweeted that.
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