Naukri Share Price up by 8%; Nuvama Forecast 20% Growth

Shares of Info Edge India the parent company of popular portals like Naukri.com, Jeevansathi.com and Shiksha.com saw a 8% rise in early trade on Bombay Stock Exchange on Friday, 17 May. This surge came a day after the company announced its financial performance for the March quarter. Info Edge's share price started the day at ₹6043.85 per share higher than the previous day's closing price of ₹5867.45 then surged by 8% reaching ₹6338.55. By around 10 am, Naukri's share price on Bombay Stock Exchange was up by 6.90% trading at ₹6272.40.

Info Edge Q4 result Highlights

Info Edge reported a consolidated net profit of ₹88 crore for Q4FY24 a notable turnaround from the loss of ₹503.2 crore in the same quarter last year. However the profit dipped on a QoQ basis compared to the previous quarter's ₹119.4 crore.

Consolidated revenue from operations witnessed an 8.7% YoY increase reaching ₹657.4 crore. The recruitment business saw a modest 3.4% YoY growth while non recruitment verticals such as 99acres.com, Jeevansathi.com and Shiksha.com showed robust growth rates of 22.5%, 29.2% and 22.2% respectively.

Info Edge declared a final dividend of ₹12 per share for the face value of ₹10 for the fiscal year 2023-24.

Market Response and Analyst Views

After the Q4 results, Info Edge's stock initially dipped but eventually ended 1.24% lower on Thursday, May 16. However the market sentiment turned bullish on Friday driving the share price up by 8%. As of May 16, Naukri's share price has surged by 49% over the past year outperforming Sensex which gained 19% in the same period. stock reached its 52 week high of ₹6,355 on April 9 this year and its 52 week low of ₹3,701.25 on May 18 last year.

Brokerage firms like Nuvama Wealth Management and JM Financial expressed positive sentiments towards Info Edge stock post the Q4 results. Nuvama raised its target price to ₹7,050 from ₹6,500 implying a 20% upside potential, highlighting the company's improved margins and positive outlook for various business verticals. JM Financial upgraded the stock to a buy rating from hold citing factors such as growth in IT billings, new monetization avenues and improved margins in real estate and matrimonial segments.

Final Words

The strong performance of Info Edge India in Q4FY24 particularly in its diverse business verticals has garnered positive attention from investors and analysts alike. With optimistic projections and target price upgrades from brokerage firms the company seems poised for further growth in the coming quarters.