23 June 2020 Impact of the COVID-19 led lockdown dragged 4QFY20 financial performance for Info Edge (INFOE). While the last quarter of the financial year is seasonally strong, INFOE saw billings decline for Naukri and 99acres. The INFOE board has approved QIP of INR18.75b, which would be utilized for additional investments in the standalone entity, and strategic acquisition to compliment one or more of the standalone businesses. Given the companys market positioning, multi-dimensional growth can be expected across its core businesses in the medium to long term. Further, led by INFOEs inclination toward gaining profitability in investee companies, we expect consol. losses to be contained over a time period. Our SOTP valuation indicates target price of INR2,550. Maintain Standalone (S/A) revenue was up 1% QoQ/10.3% YoY to INR3.2b (in-line). Recruitment revenues grew 11.2% YoY (v/s 13.1% YoY in 3QFY20).