Covid 19 impacted revenue growth in Naukri. Revenues from the Naukri business slowed down to 10.3% vs. 18.0% in the previous six quarters. Billings also dipped 6.0% YoY in Q4FY20 led by weakness across markets. Further, a slowdown in hiring in IT segment and pressure on hiring in other sectors is also expected to impact revenues. In Q1FY21E, the company may see a dip of 50% in billings. We expect the company to reach Q4FY20 revenues in Q4FY21E. Hence, we revise our revenue estimates for FY21E (down 14.6% YoY) and expect a recovery in FY22E (up 35% YoY). In...