Info Edge Ltd. (Nse: Naukri) : Stock Fundamental Review & Analysis by Yadnya

INFO EDGE LTD.
(NSE: NAUKRI)
Stock Fundamental Review & Analysis by

Yadnya
OCTOBER 2020
©2020 Copyright of Yadnya Academy Pvt. Ltd. | Redistribution Prohibited
INFO EDGE LTD.
Stock Fundamental Review &

Analysis
Yadnya Academy Pvt. Ltd.
1
ANALYSIS OVERVIEW
There are some factors that can help us in decision making while selecting stocks for
investments. These are something that should be looked at while selecting a company.
We believe that when one buys a share/stock of a particular company, it shouldn’t be just done
with the view of becoming a trader rather with a view of becoming an investor. One should
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that company. ‘Share’ in itself means being a part of something. So, when one buys the share of
that company, they become a part of it.
There are some factors that should be looked at while selecting a company to invest in. Thus,
when investing in a company one should know about the business processes, how things work
there, products of that company and many more such things.
Fundamental Analysis of any company or stock involves both qualitative and quantitative
analysis. Looking at the qualitative (business model and prospects) aspects of the
company/stock is equally important to looking at the quantitative aspect (financials) of that
company/stock.
2
TABLE OF CONTENTS
ANALYSIS OVERVIEW......................................................................................................................... 2
1. COMPANY PROFILE ..................................................................................................................... 5
Introduction ........................................................................................................... 5
Milestones .............................................................................................................. 5
Business Model ...................................................................................................... 6
Revenue Mix & Growth ....................................................................................... 7
Recruitment Business ........................................................................................... 7
Revenue Distribution - Recruitment ................................................................... 9
99acres.com............................................................................................................ 9
99acres - Growth ................................................................................................. 10
Jeevansathi.com .................................................................................................. 11
Shiksha.com ......................................................................................................... 11
Siksha – Road Ahead .......................................................................................... 12
Invested Companies ............................................................................................ 12
Products ............................................................................................................... 15
Products - New Launches and Developments .................................................. 15
Promotion – Branding & Marketing................................................................. 16
Pricing .................................................................................................................. 16
Impact of COVID-19 .......................................................................................... 17
SUMMARY OF THE COMPANY ................................................................... 18
2. INDUSTRY...................................................................................................................................... 19
Recruitment ........................................................................................................... 19
Real Estate ............................................................................................................ 21
Matrimony............................................................................................................. 22
Online Education Classified Sector ...................................................................... 23
Challenges ............................................................................................................. 24
Future Growth ....................................................................................................... 25
SUMMARY OF THE INDUSTRY ...................................................................... 26
3
3. CORPORATE GOVERNANCE ................................................................................................... 27
SHAREHOLDING PATTERN ............................................................................ 27
PROMOTER INFORMATION ............................................................................ 28
MAJOR INVESTORS .......................................................................................... 28
BOARD OF DIRECTORS ................................................................................... 29
Sanjeev Bikchandani ............................................................................................. 30
BOARD REMUNERATION................................................................................ 30
Employee Feedback .............................................................................................. 31
SUMMARY OF CORPORATE GOVERNANCE .............................................. 32
4. FINANCIAL INFORMATION ..................................................................................................... 33
ASSET ALLOCATION – FY20 .......................................................................... 33
QUARTERLY PERFORMANCE ........................................................................ 34
ANNUAL PERFORMANCE ............................................................................... 36
SUMMARY OF FINANCIALS ........................................................................... 39
5. VALUATIONS ................................................................................................................................ 40
SHARE PRICE ..................................................................................................... 40
VALUATION RATIOS........................................................................................ 41
PE RATIO ............................................................................................................. 42
RELATIVE VALUATION .................................................................................. 42
SUMMARY OF VALUATIONS ......................................................................... 43
SWOT ANALYSIS ................................................................................................................................. 44
Data Source –........................................................................................................................................... 45
Disclaimer ................................................................................................................................................ 45
About Us .................................................................................................................................................. 46
Mission ..................................................................................................................................................... 46
Stock-o-meter Product............................................................................................................................ 46
Our Products & Services ........................................................................................................................ 47
Contact Us –............................................................................................................................................. 47
4
1. COMPANY PROFILE
Introduction
Info Edge (India), incorporated in 1995, is one of the biggest Internet company in India. It is
predominantly a technology based company dealing in B2C business segment. Unlike other
technology companies like TCS, Infosys or Wipro which provide consultancy or services, Info
Edge is involved in developing consumer based (internet) products.
The company is a leading provider of various portals related to online recruitment, matrimonial,
real estate and education classifieds and related services in India.
Company has a network of 77 offices spread across in 47 cities in India with employee strength
of over 4,500.
Apart from its core businesses as mentioned above, the company also invests in several startups.
Some of their biggest investments include Zomato, PolicyBazaar and Ustra.
Milestones
• 1997 Naukri.com is launched

• 1999 Naukri.com breaks even
• 2004 100% ownership of Jeevansathi Internet Service Pvt. Ltd.
• 2010 Investment in Zomato
• 2008 Shiksha.com launched
• 2005 99acres.com launched
5
Business Model
• Info Edge is India’s largest online classified company and is involved in three broad
groups of online businesses:
- Its core business is recruitment, in which it has leadership position.
- An internal portfolio of businesses
- Businesses in which Info Edge is an investor
• The company derives more than 70% revenue from the recruitment business alone.
• Apart from naukri, the company also has various other job portals under its recruitment
business.
• Other businesses include 99 acres, in real estate, Jeevansathi, in matrimony and Siksha in
Education.
• Info Edge also actively invests in various startups and small businesses. Some of these
include Zomato, Policybazaar and Ustra.
6
Revenue Mix & Growth
• As discussed earlier, Recruitment business forms the bulk of the company’s revenue
~70% on standalone basis.
• The growth posted for June quarter was negative, which was expected, due to severe
disruption brought by the pandemic.
• Only Jeevansathi managed to show positive growth (year on year) while the rest were
adversely affected by the pandemic, especially 99 acres.
Recruitment Business
• Recruitment business is the company’s principal business.

• The core brand naukri.com is a clear market leader and the primary source of income and
profits for Info Edge.
• Apart from naukri.com, the company also has several other recruitment websites such as
naukrigulf, bigshyft, iimjobs, firstnaukri, etc.
• The company aims to provide different products that can penetrate further in the market
and create multiple avenues of revenue streams.
• The recruitment business has two major sources of revenue: from recruiters which
account for about 90% and the remaining from job seekers
7
Resume (in Crores)
8 Recruitment business has seen a
6.9
6.3 steady rise in users on an annual
5.7 basis. The company boasts almost
6 5.1
4.6
7 Crore resumes on its site which
4 indicates the extent of data which
the company holds.
2
0
FY16 FY17 FY18 FY19 FY20
• Job market has been severely hit which can be seen clearly from numbers of various
parameters of March and June Qtrs.
8
Revenue Distribution - Recruitment
• The above graphs shows the revenue split of Info Edge’s recruitment business.
• As seen from the first chart, majority of the revenue is derived from selling data.
• In terms of Industry, IT is the major contributor to Info Edge’s services as almost one
third f the revenue is genertaed from IT and ITES companies.
99acres.com
• 99acres was India’s first online platform to cater to real estate market.
• The platform has leadership position in the market with a traffic share of over 40%.
• The platform has over 52 lakh listings out of which more than 33 lakh are paid
• About 80% of the customers are brokers who contribute only about 53% of the revenue
while builders contribute 42%.
• A majority of revenue comes from new homes from builders. Other streams of revenue
are resale properties, rentals, etc.
9
99acres - Growth
10
Jeevansathi.com
• Jeevansathi.com was acquired by Info Edge in 2004. Currently, it enjoys a leadership

position among several communities in north and west India.
• Unlike recruitment and real estate, matrimony business remains highly fragmented in
terms of regions within India and communities.
• The website offers a free platform for listing, searching, expressing interest and accepting
others expression of interest in the online matrimonial space.
• Revenues are generated by allowing users to connect and communicate on the platform,
increase their profile visibility and other value added services.
• More than 90% of users accessed jeevansathi.com from their mobile, and the mobile app
maintains leadership position in the industry.
Shiksha.com
• Launched in May 2008, shiksha.com is primarily a portal for information exchange; it

connects the education seeker with the education provider.
• A student can access information on colleges, courses, scholarships, admission
notifications, ask questions and get answers from users/experts and view
recommendations for various colleges and courses.
• The revenue model is based on advertisements placed by colleges and institutes. Broadly,
there are three categories of clients: Indian universities, Coaching institutes, Overseas
universities.
• Revenue is also generated through leads, i.e. the company sells student data to various
colleges.
11
Siksha – Road Ahead
Invested Companies
• Info Edge has widened the scope of its business by investing as a financial investor in
brands that have been conceptualized and developed by separate enterprises.
• The objectives of the investment strategy of the investee company portfolio are:
- to gain financially from the success stories that generate value.
- to bring these enterprises into the Info Edge’s fold, if synergies are seen with any
existing business.
• The net value of investments is Rs. 1,148 Cr as of September, 2020. Also, the company
has written off about Rs. 300 Cr from its books since inception.
• The following chart shows all the major companies in which Info Edge has invested
along with the stake (as on FY20).
12
Let us separately look at some of their major investments:
Zomato
• Launched in 2008, Zomato is world’s leading restaurant search and discovery
platform with presence in 24 countries.
• The company started food delivery (limited to India) in 2015 and maintains its
leadership position since then.
• The company also earns via subscription programs.
• Backed by Tiger Global and is expected to have a valuation of about USD 3.5 B
13
Policy bazaar
• PolicyBazaar is an online price comparison site for insurance.
• It is a subsidiary of Info Edge’s associate company Etechaces Marketing and
Consulting Pvt. Ltd.
• PolicyBazaar is a leader in its category and captures around 90% share of insurance
comparisons and 50% of online insurance transaction.
• Softbank & Tancent backed startup eyeing Nasdaq ipo in 2021 targets $3.5 B
Happily Unmarried
• Happily Unmarried is an e-commerce platform running niche brand like Ustraa, a
leading grooming & personal care brand.
• Info Edge invested in the company via its subsidiary, SIHL.
• It sells through own website, online market places and through super markets across
the country.
ShopKirana
• Engaged in the business of developing a B2B e-commerce platform for ordering,
delivery and payments. It helps retailers a distribution platform and delivery solutions.
CodingNinja
• Engaged in the business of coding education and operates an e-learning platform
dedicated for programming.
NoPaperForms
• Provide an SAAS platform which has a range of software products including lead
management system, application management system, campaign management etc.
Adda_247
• Engaged in educational services and assistance to students preparing for government
examinations primarily through software technology platforms.
14
Products
• Info Edge is one of the most diversified online companies in India.

• The company has presence in several sectors through their own products as well as
investee companies.
• Maximum products are from recruitment business which remains the core business for
the company.
• Many products enjoy leadership position in their respective sectors.
• In order to maintain leadership position, the company constantly tries to develop and
acquire new products.
• Following are some the common products under the company’s belt.
Products - New Launches and Developments
• Info edge invested heavily in this past year on product development and acquisitions,
especially in recruitment business.
• The company developed BigShyft which provides value added service within the
(technological) recruitment space.
• The company also acquired iimjobs which will help the company to penetrate deeper
in premium job segment.
• Info Edge also launched Naukri RMS – Recruitment Management System which
provides automation to the hiring process for corporate clients.
• The company also invested further in Ambition Box (job/company review portal) to
enhance the Job Seeker Experience.
15
Promotion – Branding & Marketing
• The company heavily advertises its products despite their leadership positions.
• The company advertises through both online (social media/ emails/ Google ads) as well
as offline medium (television).
• In FY20, in the recruitment space, apart from enhancing the brand recall of naukri.com,
initiatives were undertaken to promote and position the newly acquired iimjobs.com.
• In real estate, the emphasis for 99acres was on greater penetration into second-tier cities
across different parts of the country through increased localised marketing initiatives.
• For jeevansathi.com emphasis was given to personalize communication to different
communities to invigorate the brand in its core market geographies.
Pricing
• To discuss the pricing of Info Edge’s products is a bit tricky as a majority of business is
B2B for which the company does not follow a single price strategy.
• B2C revenue which includes membership fees for premium services forms a minority
share except in the case of Jeevansathi where the entire business is B2C.
• Membership prices of Jeevansathi is the lowest among the top 3 matrimonial sites –
Shaadi, Bharat Matrimony and Jeevansathi.
16
• For naukri and 99acres also, the company follows a low-price strategy for the users
(B2C) – among the lowest in the market.
• Siksha.com is completely free for students and the entire revenue is generated from
university ads and data selling.
Impact of COVID-19
• With most of the Company’s vendors servicing the provision of essential goods and
services during the lockdown period, there was no disruption from the supply chain or a
technology continuity standpoint.
• Even so, COVID-19 will have an adverse impact on the Company’s business in FY21,
segments in the core operating businesses (recruitment and real estate) are experiencing
different levels of stress due to the market and operational disruption.
• Jeevansathi was the only business which was able to show growth (YoY) in June quarter.
17
SUMMARY OF THE COMPANY
RATING
18
2. INDUSTRY
Recruitment
Online Recruitment Sector

• The recruitment market has several specialized requirements and these can be segmented
in terms of grade, type, industry and quality of jobs.
• The recruitment market in India went through a difficult phase in FY2020.
• According to the hiring index, hiring activities reduced steadily from April to October,
after which there was some improvement till COVID-19 kicked-in from March 2020.
19
Traffic Share
• The above chart excludes LinkedIn since it is not exclusively dedicated to jobs
• Also, just last year naukri had lesser than 70% traffic share; however, with new and
focused products like hirist, iimjobs and bigshyft, the company has gained a significant
traffic.
• The company constantly tries to acquire and develop new products to increase market
penetration.
20
Real Estate
• The real estate sector in India has seen a slowdown in growth over the last few years.
• The industry was already struggling because of policy changes such as RERA,
demonetization and GST.
• COVID-19 induced lockdown further, brought construction activities and site visits to
almost a complete halt.
• It gravely affected developers cash situation whereas forced many brokers to shut shop.
• Due to larger economic uncertainty, buyers also stayed away from making large ticket
purchases such as real estate.
• The slowdown will certainly affect new project launches and reduce overall advertising
spends from developers of new homes in the short run.
• Silver lining in the situation is that more buyers/sellers are turning to online portals like
99acres due to the fear of pandemic.
Traffic Share
21
• Unlike recruitment (where naukri.com is a distant leader), Info Edge faces decent
competition in real estate business.
• Apart from such dedicated portals, there are several other players as well such as Google,
Facebook and local classifieds sites (like Olx and Quikr).
Matrimony
• According to CRISIL, online matrimony classifieds industry in India is estimated at Rs.

670 Cr. And has been growing at a CAGR of 10-12% from last 5 years.
• On an average, nearly 1.2-1.4 Cr weddings take place in India every year, of which 80%
are arranged marriages.
• With increasing internet and smartphone penetration in India, the domestic online
matrimony classifieds industry is expected to grow further at a CAGR of ~15%.
• Marriage matchmaking is a highly fragmented market in terms of regions within India
and communities.
• There are over 1,500 sites in India most of which are regional based.
• Rural market still remains untapped. If penetrated, can create abundant opportunities and
tremendous growth.
22
• Although Shaadi.com is the leader in website traffic, Jeevansathi has the leadership
position in apps.
• In our research, we found that Jeevansathi had the most advanced User Interface which
will help the company to gain market share.
• Due to several problems present in the market such as authenticity of data posted, support
service and match making algos, we believe that the top 3 will slowly eat the market
share of local matrimonial sites.
Online Education Classified Sector
• Online Education classifieds has also gained significant traction in recent years especially
from foreign universities.
• With a continuous increase in Indian students heading towards foreign universities,
classifieds from such universities will continue to drive growth.
• Even domestic universities are shifting their advertisement investments from the print
media to the digital platform.
Competitors
23
Challenges
Decreasing GDP Growth
• The steady slowdown in economic growth in India has been further affected by the onset
of COVID-19 from the last quarter of FY20.
• GDP growth rate has a high correlation with job market and real estate market.
• It is therefore important to analyze GDP numbers as more than 85% of Info Edge’s
revenue comes from products in these market.
Low Internet Penetration

Despite increase in internet connections in recent years, penetration still remains significantly
low.
24
Future Growth
• Irrespective of the current economic scenario, online advertising sector in India has been
on a growth path, owing to the increase in the number of 4G connections and
smartphones.
• Also, COVID pandemic, in last 6 months, has triggered strong progress for digital India.
• The pandemic should lead to faster adoption of several technology-based applications
across all sectors.
• Experts believe that the digital economy may bring in the next wave of economic growth
in India.
• The Government of India has also increased the outlay on its digital India programme by
23% to Rs. 3,958 Cr for FY21.
• Rural India remains an integral part of the digital revolution. Currently, ~29 Cr internet
users in rural India are expected to grow at a CAGR of +20%
25
SUMMARY OF THE INDUSTRY
RATING
26
3. CORPORATE GOVERNANCE
SHAREHOLDING PATTERN
• Promoters have kept their stake nearly constant which is a reassuring sign
• Foreign Institutional Investors have increased their stake, which is again a very positive
sign.
• Institutional Investors, in general, are very bullish with the company which can be seen
by the high percentage of stake invested in the company (~50% = FII+DII)
27
PROMOTER INFORMATION
None of the promoters shares are pledged.
MAJOR INVESTORS
Top Fund Houses Invested in the Company
28
BOARD OF DIRECTORS
The board of Voltas comprises of 10 members out of which 6 are Independent Directors
Both audit and remuneration committees has non-executive members
Board Composition
29
Sanjeev Bikchandani
• A self-made Billionaire, Mr. Bikchandani is considered as the pioneer of internet

companies in India.
• In 2008, he received the Ernst and Young – Entrepreneur of the Year, whereas in 2020,
he was honoured with the Padma Shri award.
• Sanjeev completed his BA from St. Stephen’s College, Delhi (1984) and MBA from IIM
Ahmedabad (1989).
• After a short stint in Horlicks after his MBA, he quit his job and started his own company
in 1990.
• Starting off from a servant quarter and seed capital of two thousand rupees, Info Edge
went on to become India’s biggest Internet company
• Apart from his business expertise, Mr. Bikchandani is a man of high ethics as well.
• Deep Kalra, founder and CEO at MakeMyTrip states that Mr. Bikchandani (as a board
member of MMT) refused to take MakeMyTrip stocks for himself and instead allotted it
to Info Edge as he was taking time away from his company and hence believed that the
company must benefit from the stocks and not himself.
• Similarly, Yashish Dahiya, CEO of PolicyBazaar also mentions how, in 2010, Mr.
Bikchandani (even after owning 49% stake in PolicyBazaar) refused to dictate terms
unlike other VCs.
BOARD REMUNERATION
30
Employee Feedback
Employee feedback on all job review portal were excellent which hints at the proper
governance policies followed by the company.
31
SUMMARY OF CORPORATE GOVERNANCE
RATING
32
4. FINANCIAL INFORMATION
ASSET ALLOCATION – FY20
The company has always had 40-50% of their assets invested in Startups
33
QUARTERLY PERFORMANCE
Gross Sales
• Sales growth of the company, for last 2 years, has been quite decent as its standalone
business managed to show positive growth in 7 out of the 8 quarters.
• However, there is hardly any difference between standalone and consolidated revenue of
the company which is a worrying sign as it shows that the companies in which Info Edge
has invested are not generating revenue.
34
Operating Profit
• FY20 was very poor for Info Edge (although the core business performed decently) due
to losses incurred by associate companies and JVs
Profit After Tax
35
ANNUAL PERFORMANCE
Gross Sales
• Annual sales growth of the company has been stupendous with a CAGR of 15% - both
consolidated as well as standalone.
• Again we see that there is very less difference in standalone and consolidated numbers
which is worrying.
• The following graph shows the net sales trend of Info Edge.
• Recruitment business’ share in revenue decreased from 80% to 70% in last 10 years.
36
• Decrease in share of Recruitment is predominantly due to exceptional growth in 99acres.
• However, high share of naukri will remain a concern.
OPERATING PROFIT
• The loss posted in FY20 is due to the losses incurred by JVs and Associate Companies,
the core business however remained profitable as can be seen from the standalone
numbers.
PROFIT AFTER TAX
37
ROCE & ROE
• ROCE and ROA ratios indicate the company’s efficiency.

• As the company is aggressive in their investment strategies, ROCE and ROA keeps
changing accordingly.
• Dip in FY20 is predominantly due to the acquisitions made by the company.
38
SUMMARY OF FINANCIALS
RATINGS
39
5. VALUATIONS
SHARE PRICE
Source: valueresearch.com
Share performance of the company has been decent in last one year.
• Current Market Price: 3,479

• 52 Week Low/High: 3,618/1,580
• 3 Years Return: 60%
40
VALUATION RATIOS
Valuations of the company has increased significantly in the last 8 years
P/B Ratio: The price-to-book ratio compares a company's market value to its book value. The
market value of a company is its share price multiplied by the number of outstanding shares.
The book value is the net assets of a company.
Dividend Yield: The dividend yield is the ratio of a company's annual dividend compared to its
share price.
EV/EBITDA: This popular metric is used as a valuation tool to compare the value of a
company, debt included, to the company’s cash earnings less non-cash expenses. It's ideal for
analysts and investors looking to compare companies within the same industry.
M cap/sales: Market cap to sales ratio also known as price to sales ratio indicates how the
market is valuing every rupee of the company’s sales.
41
PE RATIO
• Current PE of the company is 152

• Historical PE 3Years: 78
• Historical PE 5Years: 74
RELATIVE VALUATION
Standalone figures
42
According to our valuations, the company is clearly overvalued. However, note that the
company lacks any direct competitors, hence finding the right valuation of the company is
difficult.
SUMMARY OF VALUATIONS
RATING
43
SWOT ANALYSIS
44
Data Source –
Company’s Website, Accord MF, Yadnya Research
Disclaimer
We do our best to ensure that the data we publish is complete, accurate and useful. However,
because we do not create the data, and because the processing required to make the data useful
is complex, we cannot be liable for omissions or inaccuracies. The data and any related
materials contained therein are provided “as is,” without warranty of any kind, either express or
implied. The entire risk of use of the data shall be with the user.
All in the information above is for Information purpose only. Please do not use the above
information as a substitute to Investment advice and please contact your Financial advisor for
final recommendations.
Mutual Funds are subject to market risk and read the offer document in detail before investing.
45
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INFO EDGE LTD.

Stock Fundamental Review & Analysis by

Stock Fundamental Review &

Yadnya Academy Pvt. Ltd.

• 1997 Naukri.com is launched

• Recruitment business is the company’s principal business.

• Jeevansathi.com was acquired by Info Edge in 2004. Currently, it enjoys a leadership

• Launched in May 2008, shiksha.com is primarily a portal for information exchange; it

• Info Edge is one of the most diversified online companies in India.

Products - New Launches and Developments

Online Recruitment Sector

• According to CRISIL, online matrimony classifieds industry in India is estimated at Rs.

Online Education Classified Sector

Decreasing GDP Growth

Low Internet Penetration

None of the promoters shares are pledged.

Top Fund Houses Invested in the Company

• A self-made Billionaire, Mr. Bikchandani is considered as the pioneer of internet

ASSET ALLOCATION – FY20

Profit After Tax

PROFIT AFTER TAX

• ROCE and ROA ratios indicate the company’s efficiency.

• Current Market Price: 3,479

Valuations of the company has increased significantly in the last 8 years

• Current PE of the company is 152

If you want to know more about us check

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