NAUKRI Q3 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
₹722 Cr
verified against source
Revenue YoY
13%
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 a strong Q3 FY25 with standalone revenue of INR 672 crore (+13% YoY) and operating profit of INR 263 crore (+20% YoY), with margins expanding 249bps to 39%. The recruitment segment remains the core driver, with 12% revenue growth and 59% operating margins; notably, GCCs now contribute 12-13% of non-IT billings. The JobSpeak index improved to +7%, signaling broad-based hiring recovery across IT (+16% billings), non-IT (+17%), and recruitment consultants (+9%). The 99acres business reduced operating losses by 67% to INR 5 crore through improved marketing efficiency and controlled costs, moving closer to cash breakeven. Jeevansathi showed strong 36% billing growth, reducing losses by 51%. Management remains cautiously optimistic, noting Q4 is seasonally strong but the market remains moderate rather than hot. AI investments are yielding results: 8-10% recruiter productivity gains and 10-20% job seeker engagement improvements. The board approved INR 1,000 crore for a new venture fund (IE Venture Investment Fund III) focusing on early-stage AI and SaaS startups. Key risk: GCC hiring recovery trajectory remains uncertain, and AI-driven efficiency gains at IT companies could eventually reduce hiring intensity.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q4 to be the strongest quarter seasonally, though the base is not elevated as Q4 FY24 was also weak.
- If market conditions remain stable and the business grows in high teens, 99acres should approach cash breakeven on full-year basis.
- Management committed to increasing investments in Job Hai (blue-collar) and AmbitionBox despite current losses, viewing them as strategic long-term opportunities.
- Board approved contribution of up to INR 1,000 crore to IE Venture Investment Fund III, targeting early-stage tech-driven startups in AI, SaaS, and consumer internet.
Risks flagged
- Management noted IT hiring has stabilized after recovery rather than continuing to accelerate. The last two weeks of the quarter showed improvement but sustainability is uncertain.
- IT companies are now publicly discussing GenAI-driven efficiency improvements that could disconnect revenue growth from headcount addition, potentially impacting Naukri's core monetization model.
- Despite a hot real estate market, 99acres has limited presence in the new launch segment, which is dominated by Facebook, Instagram, and Google. This constrains revenue upside.
- Coding Ninjas investment impaired by INR 60 crore due to EdTech valuation corrections despite the business growing 30%+ YoY, reflecting ongoing portfolio valuation risk.
Key quotes
- If IT hiring continues to improve, recruitment firms which sort of work closely with IT companies should also benefit. And as when that starts to happen, then our business from them should also start looking up.
- We are not very happy with our performance internally on the new home side. We are working on a few things, but we have not seen the kind of success we would have wanted to see.
- If you have an investment in a company, you possibly have a future. If you exit and take out cash, you've only got cash. And cash has no future other than 6%.
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