Info Edge (India) · Material risks, their source context, and severity in the latest available quarter.
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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.
