Recruitment revenue grew 11.2% YoY (v/s 18.4% YoY in 4QFY19), 99acres.com grew 3.7% YoY (v/s 45.8% in 4QFY19) and Jeevansathi grew 25.4% YoY (v/s 6.5% in The companys B2B businesses (Naukri.com and 99acres.com) saw a major part of the COVID-19 impact. According to the companys estimate, COVID-19 related impact led to a Unlike the above, Jeevansathi saw only a nominal impact with collections Given that Naukri.com and 99acres.com together contribute 90% of INFOEs standalone business, we expect 1QFY21 to be a complete washout. According to our estimate, the company has clocked an XIRR of >40% since the time it We foresee a halt in near-term momentum, led by expectation of billing decline in the recruitment and real estate segments for 1HFY21. However, given the market positioning of its entities, multi-dimensional growth could be expected from the company in the medium-to-long term, backed by recruitment, real estate, Zomato (its biggest investee company) and Policybazaar.