Standalone revenue rose 9.3 per cent year-on-year (YoY) and was up 5 per cent quarter-onquarter (Q-o-Q) to 630 crore, while the Ebitda margin came in at 39 per cent (down 160bp Q-oQ but up 25bp Y-o-Y). The latter was a disappointment. Billings were up 10.8 per cent Y-o-Y to ₹570 crore. The adjusted profit after tax or PAT was up 16.2 per cent Y-o-Y to 230 crore, in-line with consensus. This is the best performance in five quarters and it could indicate that employment demand is rising.
A continued slowdown in IT hiring remains a risk. IT billings growth slowed to single digits, while non-IT segments grew 14 per cent Y-o-Y and this supported growth. Real estate portal, 99acres, experienced muted revenue growth in Q1FY25. New project sales moderated in Q1.
Overall, new project sales in the top 8 cities were flat sequentially in Q1 and up approximately 10 per cent Y-o-Y. A planned increase in marketing spend may increase 99acres' losses.
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