Info Edge Ltd (INFOE) delivered better-than-expected revenue in 3QFY22, with standalone revenue growth of 48% YoY (estimate of +42%). On the other hand, the EBITDA margin missed estimates due to higher ad spending in the 99acres business. 3Q billing also came in ahead of our estimate, led by a large beat in Naukri (80% YoY). The management has indicated continued strength in the Naukri business over the near term, along with the large impact of a price increase in FY22E billing. As a result, we expect INFOE's Recruitment vertical to maintain...