30 May 2018 INFOEs 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 uncertainties too unwinding, robust growth can be expected in this business. EBITDA margin contracted 1,000bp QoQ (- 570bp YoY) to 24.7%, primarily due to a sharp increase in ad & promotion expenses (+87% QoQ, +120% YoY). Advertising ramp-up across businesses to consolidate market share is likely to continue over the near term. Adj. PAT rose 72% YoY to INR566m (est. of +105% YoY to INR675m), led by revenue beat, EBITDA miss and lower ETR. Reported PAT included impairment losses of INR703m associated with investee companies. Factoring in the revenue beat led by 99acres.