We downgrade the stock to Hold with a revised TP of Rs1170 given a steep 36% rally in the stock price in last 6 month. While the long term growth prospects remain intact, we believe near term pain would continue in the 99acres business. Recruitment business is showing signs of recovery but is still not out of the woods. We believe the company would continue to invest in the new verticals of jeevansaathi and Shikha.com impacting margins. We believe the margins witnessed during the quarter are not sustainable given the A&P; campaign expected for both the core recruitment and real estate vertical in Q3FY18. Zomato turning cash neutral is a long term positive while...