Info Edge Gain 4% After Q1 Profit Beats Estimates

Shares of Info Edge India Ltd. gained after its first-quarter net profit beat analysts' estimate.

Key highlights (Standalone, YoY)

• Revenue up 54.6% at Rs 507.6 crore. (Bloomberg estimate: Rs 478 crore)

• Profit up 41% at Rs 148 crore. (Bloomberg estimate: Rs 135 crore)

“The recruitment business continues to grow strongly and we remain optimistic for the current quarter as well," said Hitesh Oberoi, managing director and chief executive officer.

Chintan Thakkar, chief financial officer, said, “Consistent superlative growth of billings and profitability for the fifth consecutive quarter is evidence of renewed momentum in the business."

Shares of the company rose 4% to Rs 4,579, before closing 0.7% higher on Friday. It was the biggest gain in two weeks.

Of the 23 analysts tracking the company, 14 maintain 'buy', five suggest 'hold' and four recommend 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 0.3%.