印度信息边缘公司（INFOE IN）：持有：Naukri的复苏已在很大程度上反映在价格中

Issuer of report:HSBC Securities and CapitalMarkets (India) Private LimitedView HSBC Global Research at:https://www.research.hsbc.comHSBC Global Research Podcasts| Listen to our insightsMAINTAIN HOLDTARGET PRICE(INR)1,670.00SHARE PRICE(INR)1,473.50(as of26 May 2025)MARKET DATAMarket cap(INRm)Market cap(USDm)3m ADTV (USDm)FINANCIALS AND RATIOS(INR)Year toHSBC EPSHSBC EPS (prev)Change (%)Consensus EPSPE (x)Dividend yield (%)EV/EBITDA (x)ROE (%)52-WEEK PRICE(INR)Source:LSEGIBES, HSBC estimatesYogesh Aggarwal*Head of Research, IndiaHSBC Securities and Capital Markets (India) Private Limitedyogeshaggarwal@hsbc.co.in+91 22 2268 1246Prateek Maheshwari*, CFAAnalyst, India Cement, IT and AutosHSBC Securities and Capital Markets (India) Private Limitedprateek.maheshwari@hsbc.co.in+9198 1937 0718Sagar Desai*Analyst, India Cement, IT and AutosHSBC Securities and Capital Markets (India) Private Limitedsagar.desai@hsbc.co.in+91 83 6919 9927* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulationsEquitiesInternet Software & ServicesIndia05/24Target price: 1670.00High: 1805.10 Low: 1126.94 Current: 1473.50 Find out morePREVIOUS TARGET(INR)1,466.00UPSIDE/DOWNSIDE+13.3%953,604Free float57%11,207BBGINFOE IN22RICINED.BO03/2025a03/2026e03/2027e03/2028e11.9616.2621.1925.7711.7915.9117.361.42.222.113.7818.9922.02123.290.669.557.20.40.30.487.776.358.648.22.93.74.71000.001450.001900.0011/2405/25 ◆◆◆ 2Financial statementsYear to03/2025a03/2026e03/2027e03/2028eProfit & loss summary(INRm)Revenue26,53631,18036,869EBITDA10,72612,20515,669Depreciation & amortisation-801-935-1,032Operating profit/EBIT9,92411,27014,637Net interest000PBT13,43514,02018,270HSBC PBT000Taxation5,7013,5054,568Net profit7,73410,51513,702HSBC net profit7,73410,51513,702Cash flow summary(INRm)Cash flow from operations9,65413,41417,820Capex-796-468-553Cash flow from investment-6,712-1,616-1,816Dividends-3,102-3,154-4,111Change in net debt-3,809-9,792-13,158FCF equity8,85812,94617,267Balance sheet summary(INRm)Intangible fixed assets727272Tangible fixed assets97150424Current assets40,46850,30063,489Cash & others12,52722,31935,476Total assets329,995339,359352,069Operating liabilities51,67953,68356,800Gross debt000Net debt-12,527-22,319-35,476Shareholders' funds277,013284,374293,966Invested capital-22,694-25,126-28,691Ratio, growth and per share analysisYear to03/2025a03/2026e03/2027e03/2028eY-o-y % changeRevenue11.517.518.2EBITDA12.313.828.4Operating profit11.813.629.9PBT20.74.430.3HSBC EPS-7.336.030.3Ratios (%)Revenue/IC (x)-1.7-1.3-1.4ROIC-90.4-58.9-68.0ROE2.93.74.7ROA2.53.14.0EBITDA margin40.439.142.5Operating profit margin37.436.139.7EBITDA/net interest (x)Net debt/equity-4.5-7.8-12.1Net debt/EBITDA (x)-1.2-1.8-2.3CF from operations/net debtPer share data(INR)EPS Rep (diluted)11.9616.2621.19HSBC EPS (diluted)11.9616.2621.19DPS6.004.886.36Financials & valuation:Info Edge India Risksto our viewDownside risks:Prolonged softness in the ITservices hiring market, weakness in the non-IThiring market, weakness in the real estateclassifieds market, and further write-downs ininvestee companies’ values.Upside risks:Stronger than-expectedperformance in matrimony and ed-tech verticals,further sharp increase in market value of investeecompanies such Zomato and Policy Bazaar,strong scale up of other investee companies,andvalue unlocking throughexitsviaIPO orstrategicsale. ValuationWe value Info Edge basedonaSOTP approach. Our valuation forNaukri is cUSD6bn; we expect operating margin of 55-60% andforthe segment to continue to have strong growth (c14%FY25-40eCAGR vs 16% over FY15-25),led bycontinuedmarketleadership and successful scale up of new initiatives. 99acres andother businesses are still fast-growing and have become cashgenerative as well. We value them at 5x FY27eEV/sales.We alsoadd the value of investments in listed securities (ZomatoandPolicy Bazaar) at current market prices and cashandotherinvestments at book value. Thus,our TP is INR1,670(fromINR1,466; both split-adjusted), which implies c13%upside. WeseeNaukri’srecovery largely priced in andmaintainaHold ratingon the stock.Info Edge’sstock split5-for-1(5 new shares forevery 1 old share held)waseffective7 May 2025. 10Disclosure appendixAnalyst CertificationThe following analyst(s), economist(s), or strategist(s) who is(are) primarilyresponsible for this report, including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and anyotherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflecttheir personal view(s) and that no part of their compensati