NAUKRI Q4 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
₹657 Cr
verified against source
Revenue YoY
8%
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 Q4 FY2024 standalone billings of INR 827 crore (10% YoY) and revenue of INR 608 crore (8% YoY), marking an uptick from subdued first three quarters. Recruitment segment billings grew 7% to INR 625 crore with IT finally posting 11% growth after 15 months of decline, while non-IT grew 12%—both double-digit for the first time in recent quarters. Operating margin at standalone level was 37%, with recruitment segment margins at 57% (down from prior year due to continued investments). The company highlighted strong cash generation of INR 468 crore in Q4 and reduced non-recruitment cash losses by 75% to INR 44 crore for FY2024. Jeevansathi showed 26% billing growth driven by model changes and improved monetization, while 99acres delivered 26% billing growth with positive cash generation. Management urged caution on recovery sustainability, planning increased IPL-linked marketing spend that could pressure near-term margins. The board holds INR 4,191 crore cash and proposed total dividend of INR 22 per share (16% YoY increase).
Colored figures show movement against the previous available record.
Guidance to track
- Management stated that 15-16% revenue growth would help maintain current margin levels, while 20% growth would improve margins, and 9-10% growth could cause margin compression in the short term.
- Sales team expansion ongoing; new hires will increase headcount costs, with some already onboarded and others expected over next two quarters. Data science and ML headcount also set to grow.
- Management targets breakeven in matrimony business as quickly as possible, while 99acres could generate cash if revenue grows 25-30%, contingent on market conditions and rational competitive intensity.
- Company increasing marketing spend in Q4 (IPL season) to capitalize on new brand identity launch and Naukri 360 product suite, with impact on near-term margins dependent on revenue response.
Risks flagged
- Management explicitly declined to confirm bottom-out in IT hiring despite recent uptick. Sanjeev Bikhchandani noted that job postings correlation with billing growth is imperfect. Recovery dependent on sustained attrition rate increases at IT services firms.
- IPL advertising spend will be significantly higher than prior quarters. Management admitted difficulty predicting margin impact and could take a short-term hit if growth lags, which remains a risk given uncertain demand environment.
- While non-IT delivered 12% growth, management acknowledged this has slowed from 1-1.5 years ago. Linked to reduced attrition pressure as IT talent supply increases in market—recovery contingent on IT hiring rebound.
- Recruitment consultant billing remained flat despite IT and non-IT recovery. Management indicated consultants benefit only when companies face hiring urgency from attrition, which hasn't materialized yet. Recovery timeline uncertain.
Key quotes
- FY2024 was a challenging year for the overall recruitment business, largely because of the slowdown in IT hiring, which is approximately 45%-50% of our business, directly and indirectly, if you include the business from recruitment consultants.
- We are now perhaps at a stage where some of these companies are, you know, the bench utilization rates are back to near pre-COVID levels, and they have started replacing some people who are leaving.
- The stress test that, you know, Chintan did, and then presented to the board and to Hitesh and me, was that, 'Okay, Chintan, if revenue goes to zero. If marketing expenditure is zero and increments are zero, how long can the company last on the current cash balance?' And the answer he came back with was three years.
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