InfoEdge reported a poor set of Q2FY21 numbers that were below our estimates. The significant dip in Recruitment business (down 19.3% YoY) and 99 Acres (down 36.3% YoY) led to 19.1% YoY decline in revenues to | 256.1 crore (below our estimate of | 280.2 crore). EBITDA margins declined from 31.4% in Q2FY20 to 20.1% in Q2FY21. However, we believe the performance will improve in coming quarters led by opening of the economy. In addition, billing has also improved 32% QoQ indicating...