A director at Info Edge (India) Limited sold 250 shares at 7,065.944INR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
Zomato raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India. Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment. In this note, we will talk about the lock-up dynamics and updates since our last note. Links to our previous notes on the IPO: Zomato Pre-IPO - Public filings lack narrative, a bit of history helps Zomato Pre-IPO - Peer compar...
The independent financial analyst theScreener just awarded an improved star rating to INFO EDGE (INDIA) (IN), active in the Media Agencies industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 1 out of 4 possible stars. Given its market behaviour as moderately risky, theScreener considers that these elements allowing slightly upgrading its general evaluation to Neutral; the title, however, remains unattractive. As of the analysis date February 2...
PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$793m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank. The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost & ...
PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$800m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank. The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost & ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Zomato aims to raise US$1.2bn in its India IPO. This will be the largest listing in India from the technology sector. Zomato operates a technology platform that provides services for restaurant partners, customers, and delivery partners. During FY20, Zomato recorded 41.5m average MAU and was one of the leading Food Services platforms in India, in terms of value of goods sold, according to RedSeer. As of 31 Dec 20, it had a presence in 526 Indian cities and h ad 350,174 active restaurant listin...
Zomato aims to raise US$1.1bn in its upcoming Indian IPO which is likely to be launched next week. This would be the largest listing in India from the technology sector. Zomato operates a technology platform that provides services for restaurant partners, customers, and delivery partners. During FY20, Zomato recorded 41.5m average MAU and was one of the leading Food Services platforms in India, in terms of value of goods sold, according to RedSeer. As of 31 Dec 20, it had a presence in 526 Indi...
Zomato aims to raise US$1.1bn in its upcoming India IPO. This would be the largest listing in India from the technology sector. Zomato operates a technology platform that provides services for restaurant partners, customers, and delivery partners. During FY20, Zomato recorded 41.5m average MAU and was one of the leading Food Services platforms in India, in terms of value of goods sold, according to RedSeer. As of 31 Dec 20, it had a presence in 526 Indian cities and had 350,174 active restauran...
Zomato (INFOE’s investee company) disclosed their 1HFY20 numbers which suggests 1) Strong growth of 225% y-y to USD205mn (similar to FY19 revenues) with a 40% lower burn in Sep-19 vs Mar-19 2) Strong scale up in food delivery business with order volumes jumping ~4x, GMV up more than 3x and revenues up ~4.5x over this period and 3) Modest growth in dine out business at 15% y-y with revenues at 13% of overall, but limited impact of recent protests around discounting by restaurants on Zomato Gold ...
Recent newsflow is sentimentally negative for INFOE on 1) in food ordering and 2) , wherein they are exiting from discounting schemes across online aggregators (incl. Zomato where INFOE owns 26.4%). While financial impact of logout campaign might not be material, given subscription businesses like Zomato gold could be sub 10% of revenues , but increase in competitive intensity in a largely two player market (Swiggy and Zomato), where a deep pocketed Amazon could enter can have impacts on subse...
1QFY20 result highlights: Largely inline with consensus Standalone revenues at Rs3.13bn (vs cons. est. of Rs3.1bn), growth of 20.5% yoy. EBITDA margins were down 20bp yoy to 32.3% (vs cons. est. of 32.1%). EBITDA margins were aided by ~2pp impact from Ind AS116 adoption. Depression in EBITDA margins in Naukri and Jeevansathi was led by advertising and tech investments. PAT (before EOI) at Rs749mn down 5% yoy, depressed by lower other income and higher taxation. Segmental performance: St...
INFO EDGE INDIA: Standalone steady; Losses in investee portfolio remain high (INFOE IN, Mkt Cap USD3.7b, CMP INR2173, TP INR2050, 6% Downside, Neutral) Broad-based revenue growth in standalone business: 1QFY20 standalone revenue was INR3.1b (in-line), +6.9% QoQ/20.5% YoY. Recruitment revenues grew 19.2% YoY (v/s 18.4% YoY in 4QFY19). 99acres.com grew 34.7% YoY (v/s 45.8% in 4QFY19). On a consolidated level, revenue grew 15.4% YoY to INR3.2b and EBIT grew 16.4% YoY to INR1.1b. Cons. net lo...
Info Edge India: Traction in revenues; Ad spends spiking amid competition (INFOE IN, Mkt Cap USD3.4b, CMP INR1966, TP INR1870, 5% Downside, Neutral) Acceleration pauses in 99acres/Naukri: For FY19, INFOE's revenue increased 20% YoY, mainly led by a rise in IT hiring and a lower base of 99acres.com. 4QFY19 standalone revenue was INR2.93b (+4.1% QoQ, +21.6% YoY), in line with our estimate. Revenue growth moderated in both Recruitment (+18.4% YoY v/s +20.5% in 3QFY19) and 99acres.com (+45.8%...
Info-Edge: High growth and higher burn but the losses per delivery coming down (INFOE IN, Mkt Cap USD3.2b, CMP INR1849, TP INR1800, 3% Downside, Neutral) Zomato has published highlights of its FY19 financial performance with details around its expansion and outlook. Appended below are the key highlights, our thoughts and detailed takeaways from the announcement: Zomato’s revenue increased 200% YoY to USD206m in FY19, exceeding its own target of USD180m for the year. Revenue from the f...
Info Edge India: Core segments’ acceleration dragged by ad expenses (INFOE IN, Mkt Cap USD2.9b, CMP INR1711, TP INR1670, 2% Downside, Neutral) Acceleration continues in 99acres and Naukri: INFOE’s 3QFY19 standalone revenue increased 6.1% QoQ (+23.7% YoY) to INR2.81b – 4.4% above our estimate of INR2.7b, led by continued acceleration in the recruitment segment and 99acres.com. Recruitment revenue grew 20.5% YoY (our estimate: +16.8%) v/s +15.7% YoY in the previous quarter. 99acres revenue ...
Info Edge India: Sustained traction in Recruitment and Real Estate; Valuations drive rating downgrade to Neutral (INFOE IN, Mkt Cap USD2.6b, CMP INR1583, TP INR1600, 1% Upside, Downgrade to Neutral) Traction continues in 99acres and Naukri: INFOE’s standalone 2QFY19 revenue increased by 18% YoY to INR2.7b, mainly driven by growth of 16% YoY in Naukri and 39% YoY in 99acres. This, however, was partially offset by slower growth in Jeevansathi (+2.3% YoY). Both Naukri and 99acres have been s...
Info Edge India: Improving outlook in core segments (INFOE IN, Mkt Cap USD2.4b, CMP INR1348, TP INR1550, 15% Upside, Buy) Continued traction in Naukri and 99acres: INFOE's standalone 1QFY19 revenue increased 17% YoY to INR2.6b (in line), driven by growth of 15% YoY in Naukri, 34% YoY in 99acres and 7% YoY in other businesses. Both Naukri and 99acres have been seeing stronger growth since last quarter, while the outlook for Recruitment has also improved (on the back of a pick-up in IT hiri...
Info Edge India: Revenue beat led by 99acres; Margins bogged down by increased ad expenses (INFOE IN, Mkt Cap USD2.1b, CMP INR1302, TP INR1550, 19% Upside, Buy) Real Estate growth returns: INFOE’s standalone 4QFY18 revenue of INR2.4b grew 16% YoY, driven by 13% YoY growth in Naukri.com, 36% YoY growth in 99acres.com and 11% YoY growth in other businesses. While Naukri.com is being impacted by continued weakness in IT hiring, the worse seems to be behind for Real Estate. With RERA-related ...
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