24 July 2018 revenue increased 17% YoY to INR2.6b (in line), driven by growth of 15% YoY in Naukri, 34% YoY in 99acres and 7% YoY in other businesses. Both Naukri and 99acres have been seeing stronger growth since last quarter, while the outlook for Recruitment has also improved (on the back of a pick-up in IT hiring) and Real Estate is coming off its worse. EBITDA margin expanded 90bp YoY to 32.5% (360bp beat v/s our estimate of 28.9%). Ad expenses increased by 48% YoY, but reduced by 21% QoQ. Adjusted PAT increased 23% YoY to INR790m, exceeding our estimate by 21% a direct result of the operating profit beat. Reported PAT included INR160m relating to the diminution in the carrying value of Canvera. INFOE took part in this round (unlike the previous rounds), given the better financial performance and the improved outlook.