Info Edge (INFOE) reported billings decline in 1Q due to COVID-19, which was reflected in 19% YoY revenue de-growth in 2Q (due to the subscriptionbased model of the business). Continued MoM improvement (after the trough of May'20) in billings is in line with our assumption of a gradual increase in revenues going forward. Margins in 2Q were dragged down by aggressive marketing spends in Jeevansathi/99acres. Management indicates the current run-rate of advertisement spends would continue as the company aims to increase its market share in the matrimony portal. Nevertheless, we still estimate a...