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Subdued IT demand remains a sore point for Info Edge
Mint Mumbai
|December 25, 2023
Info Edge (India) Ltd continues to feel the heat of weakness in the information technology (IT) sector. After all, the company’s key recruitment solutions segment, which includes Naukri.com, derives about 50-60% of revenue from the IT industry. Consequently, the lacklustre demand in IT has led to Info Edge’s year-on-year billing growth rates tapering with the measure up by a mere 1% in the September quarter.
Moreover, the ongoing December quarter is unlikely to throw up any positive surprises on this front. The Naukri JobSpeak index for October and November shows that IT hiring is down year-on-year by about 14% and 28%, respectively. The fall in November marks the eleventh consecutive drop in the metric.
As things stand, there is no clarity on whether the pain in IT demand has bottomed out yet. In fact, Accenture’s Q1FY24 earnings, often seen as an indicator for earnings performance of Indian IT giants, suggests a challenging macro environment.
This story is from the December 25, 2023 edition of Mint Mumbai.
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