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Jefferies maintains hold on Info Edge (India), raises target price to Rs 2,330

Hold Info Edge (India) Ltd. at a price target of Rs 2330.0 .

Updated: Nov 14, 2019, 08.38 AM IST
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Jefferies has raised target price on Info Edge (India) to Rs 2330 from Rs 1985 in the long term while maintaining hold rating. The stock ended up 1.5% at Rs 2602.05 on Wednesday while the BSE Sensex closed 229.02 points down at 40,116.06.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 329.54 crore, up 3.07% from last quarter sales of Rs 319.74 crore. The company has reported net profit after tax of Rs 79.81 crore in the latest quarter.

Investment Rationale

Info Edge's second quarter revenue was largely in line with our estimate but EBITDA missed due to higher losses in Jeevansathi, said Jefferies. Weakness in non-IT hiring reflected in deceleration in Naukri billing growth. 99acres reported a profit but management did not commit to its sustainability, the brokerage said.

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