Info Edge (India) Limited (NAUKRI.NS) Earnings Call Transcript & Summary

Vineet currently, we have 90 participants on the call. Over to you to get us started. Thank you so much.

Thank you, Anand. Good evening, everyone. Welcome to Info Edge (India) Limited Q1 FY '26 Earnings Conference Call. Joining us today from management, we have Mr. Sanjeev Bikhchandani, Founder and Vice Chairman; Mr. Hitesh Oberoi, Co-Promoter and Managing Director; Mr. Chintan Thakkar, Director and CFO. Before we begin, I would like to draw your attention to the detailed disclaimer included in the presentation for good order sake. Kindly note that this presentation -- this conference is being recorded [Operator Instructions]. I'll hand over the call to Mr. Hitesh Oberoi for his opening remarks. Thank you, and over to you, Hitesh.

Thank you, Anand and Vineet, and a very good evening, everyone, and welcome to all of you to Info Edge's Earnings Call for the First quarter of FY '26. We will begin with an update on the stand-alone financial performance, then cover the performance of each segment, along with the commentary on each business. And of course, we'll have Q&A towards the end. So for the stand-alone business in Q1 of FY '26, billings were INR 644 crores, a Y-o-Y growth of 11% and revenue was INR 736 crores, a Y-o-Y growth of 15%. Billings and revenue, including Zwayam and DoSelect were at INR 665 crores and INR 757 crores, a Y-o-Y growth of 12% and 16%, respectively. Operating profits at a stand-alone level grew by 10% year-on-year to INR 250 crores, and the operating margin stood at 34%. The stand-alone business generated cash from operations before taxes of INR 180 crores in Q1 of FY '26. The cash generation from the recruitment business was INR 196 crores. The non-recruitment businesses at an aggregate level were cash negative at INR 11 crores in Q1 of FY '26. EPS before exceptional items, net of tax and deferred tax for Q1 of FY '26 stood at INR 4, post split of shares, a Y-o-Y growth of 11%. The cash balance of Info Edge, including wholly owned subsidiaries at the end of June 2025 stood at INR 4,828 crores. The headcount as of June '25 end was 6,174. Moving on to segment-wise performance and starting with the recruitment business. In Q1 of FY '26, billings grew by 9% to INR 470 crores and revenue grew by 15% to INR 542 crores. The operating profit improved by 12% year-on-year to INR 284 crores, and the operating profit margin was 53%. Cash generated from the recruitment operation was INR 196 crores. Billings growth in Q1 moderated compared to the mid- to high teens growth witnessed in the previous few quarters. This was primarily due to multiple macro events during the quarter and a general demand slowdown across certain sectors, which impacted investment decisions relating to people amongst companies. We observed a trend of contract deferrals by some clients towards the end of the quarter, which is usually the peak period for closures. As a result, renewal impact activity was impacted, leading to a moderation in overall billings growth. Several segments and sectors such as GCCs, technology companies, retail, health care and manufacturing, however, continued to post double-digit growth. On the other hand, segments like recruitment consultants, IT services, BPM, BFSI and infrastructure experienced a moderation with growth tapering to single digits in Q1 -- low single digits in Q1. Despite this, the JobSpeak Index and recruiter engagement metrics, including CV searches and views remained resilient, indicating steady hiring during the quarter. Niche and adjacent businesses like iimjobs, and hirist, Naukri Gulf and Naukri Fast Forward, the candidate services business, sustained their growth trajectory in Q1 of FY '26 with year-on-year billings growth of 41%, 18% and 15%, respectively. Our employer branding solutions across -- offered across various platforms such as Naukri, iimjobs, hirist, and AmbitionBox also continued to grow well. We are focusing on strengthening these offerings and deepening our market penetration. The JobHai business, while currently operating primarily as a premium model focused on select markets, maintain strong platform metrics and continues to grow revenue at a rapid rate, of course, on a small base. On the job seeker front, the Naukri platform now hosts approximately 108 million resumes and added an average of 26,000 new resumes daily during Q1 of FY '26. Marketing expenses were elevated in Q1 and can be broadly classified into the following buckets: IPL-related branding campaigns, which are once-a-year activities, focused efforts to further strengthen our job seeker database, especially in emerging cities and non-IT segments and some increased investments in smaller businesses such as iimjobs, Naukri Gulf and JobHai as they gain scale. These expenses are partly seasonal, and we expect full year marketing expenses to remain at around the same level, plus/minus a few percentage points compared to last year. Therefore, the operating PBT margin, we saw moderation in Q1, could improve sequentially in coming quarters. But of course, this is subject to top line growth returning to healthy levels. Hard to predict what's going to happen, of course, in this uncertain environment going forward. In summary, despite the recent moderation in recruitment billings, we continue to -- we remain cautiously optimistic about growth momentum in the quarters ahead. Subject to improvement growth trajectory, we remain confident of delivering improved and sustainable margins going forward. Moving over to the Real Estate segment. In Q1 of FY '26, billings growth was 17% at INR 94 crores and revenue grew by 12% to INR 111 crores. Operating losses were INR 19 crores and cash losses from operations were INR 20 crores in Q1 of FY '26. Q1 is typically the smallest quarter of the year from a billing standpoint for 99acres and saw a decent growth. This was driven by an increase in both the number of billed customers and the average billing per customer. Billings from brokers and channel partners grew at a faster pace than billings from developers. Live New project listings grew 17% -- on the platform grew 17% year-on-year, while live resale and rental listings from brokers grew 29% year-on-year in Q1. App and web traffic continued to grow, leading to an increase in inquiries across all categories. We believe we have -- that we continue to gain market share in this vertical and continue to build on the momentum of last year. Marketing expenses were, of course, higher than -- higher this quarter as well. These are in line with the returns we have seen from such investments over the past few quarters. We continue to experiment with our marketing approach and we'll adjust our strategy depending on results. Our focus continues to -- remains on driving quality traffic onto our platform. In the coming quarters, 99acres will continue to invest in expanding its -- both its user base on the buyer side and its client base on brokers, amongst brokers and developers by enhancing the platform experience to help users make informed real estate decisions across both the primary and secondary market segments. Moving over to the Matrimony business. In Q1 of FY '26, billings grew by 36% to INR 35 crores and revenue grew by 29% to INR 34 crores. The business achieved breakeven at the operating level and generated cash from operations of INR 6 crores in Q1 of FY '26. In Q1 of FY '26, the Jeevansathi business maintained its growth momentum driven by monetization initiatives undertaken over the past 12 to 18 months. The focus remains on Hindi-speaking markets where we continue to have a strong presence and see significant long-term potential. Investments in these markets are delivering encouraging results, particularly in terms of user acquisition growth. AI is being leveraged to drive efficiencies in creative development and other related processes as well as to enhance the product experience and improve pricing yield on the platform. Marketing expenses have increased year-on-year, but have remained within the INR 12 crores to INR 15 crore range over the past few quarters. The business intends to stay within this range while continuing to operate at or near breakeven levels, subject to changes in competitive intensity. Moving on to the Shiksha business. In Q1 of FY '26, billing was INR 45 crores, a Y-o-Y growth of 8% and revenue grew by 19% to INR 50 crores. The business delivered an operating profit of INR 6 crores and generated cash from operations of INR 2 crores in Q1 of FY '26. Domestic private universities and colleges continue to expand their course offerings beyond engineering with more choices now available to students. The emergence of new private universities in India presents an opportunity for Shiksha to further expand its footprint. We are investing in creating more comprehensive student-friendly content and are trying to build deep domain expertise in this segment. Higher visa rejection rates for those aspiring to study in the U.S. and a decline in job prospects for students abroad have reduced student interest in going overseas to some extent, especially to the U.S. Students are opting now to study more in the U.K. and in Continental Europe. The Shiksha business, of course, is also facing some headwinds from the new sort of AI bots and the new AI mode introduced by Google in the market. Moving on to the AI front. Our current focus on leveraging AI is centered around the following key priorities: one, enhancing search quality, user personalization and productivity across existing platforms, building new AI-powered features that improve user experience and engagement, creating entirely new products and monetization in the U.S. powered by AI and leveraging AI internally to improve operational efficiency and speed in execution. In line with this, we continue to upgrade our data product -- database product in Naukri with AI and machine learning, resulting in improvements in recruiter productivity. Similarly, new AI models for job search and recommendations have driven a 15% to 20% year-on-year improvement on the job seeker side. Across our businesses, we are now using GenAI tools to create content and a lot of our recent marketing campaigns are generated in-house and driven by AI. Overall, our AI initiatives are driving growth across all verticals inside Info Edge. Moving on to the consolidated financial highlights. At the consolidated level, the net sales for the company stood at INR 791 crores in Q1 of FY '26 versus INR 677 crores for Q1 of FY '25. The total comprehensive income was INR 7,918 crores in Q1 of FY '26 versus INR 3,583 crores in Q1 of FY '25. Profit without tax -- profit before tax. Without exceptional items in Q1 of '26 was INR 436 crores compared to INR 329 crores in Q1 of '25. To summarize, the recruitment business remains resilient even as billings growth moderated in Q1 of FY '26 due to macroeconomic factors and some sectoral softness. Engagement on the platform remains healthy, and we continue to deepen our presence across GCCs, small and medium enterprises, Tier 2, Tier 3 cities and other -- especially non-IT sectors to broaden our base customer. Our niche and adjacent platforms like iimjobs, hirist, Naukri Gulf, Naukri Fast Forward, DoSelect, AmbitionBox and JobHai sustained their growth momentum and hopefully will unlock new growth opportunities in the years to come. The non-recruitment businesses continue to grow steadily and reduce cash losses during the quarter, reflecting consistent execution and improving efficiency. In 99acres, we witnessed steady growth. Despite it being a seasonally soft quarter, we also continue to gain market share, supported by sustained investments in marketing, platform improvement and content quality. Our efforts remain focused on further strengthening our leadership in the secondary real estate segment while improving our offerings in the primary new launch and under construction space. In Jeevansathi, top line growth was supported by the continued success of the premium model, enhancements to the matching algorithms using AI and ongoing efforts to drive monetization. The business achieved breakeven in the quarter. Shiksha's domestic business remained on a steady healthy trajectory and continues to operate profitably. However, like I mentioned, it's facing some headwinds and may need to pivot in the quarters to come. Across all our platforms, we are progressing well on the deployment of AI and machine learning to improve recruiter experiences through smarter search recommendations, pricing, creative development and new feature rollouts. Our healthy cash flows and strong results remain a core strength. These enable us to invest in long-term growth initiatives, respond to competitive dynamics and evaluate opportunities that create sustainable shareholder value from time to time. Thank you all for joining the call. We are happy to take any questions.

Anand, maybe, we can start with the questions now.

Thanks Vineet. [Operator Instructions] We already have a question queue lined up. So the first question goes from Vivekanand from AMBIT Capital.

So Hitesh, I'll start with the question that everyone is asking. So that you guessed it right, AI and its impact on your business. I want you to also elaborate on the conversations you're having with your tech and tech clients, both IT services, as well as GCC clients to help unpack this and its impact. I also know that you did a very big survey recently. So perhaps you can showcase that as well.

So it's very hard to -- so why -- what we are doing for -- with AI internally, I walked you through it. How AI is impacting demand, how AI is impacting our customers, hard for us to sort of say at this point in time. We were growing at 17%, 18% in Q4 for that also for a few quarters, we grew at 14%, 15%. Growth was coming back to normal. Till mid-May actually, we were confident of our -- of Q1. But then, of course, a lot of events happened in the second half of the quarter. And as a result, towards the end of the quarter, a lot of our clients sort of deferred purchases and sort of reopen contracts and collections were weak. So hard to say whether this was because of AI or whether this was because of what happened between Iran and Israel or between India and Pakistan or generally, if there's softness because of demand from the U.S. slowing down. Certain sectors are, of course, impacted more than others. Certain sectors continue to grow reasonably well, like GCCs did well for us, sectors like health care, retail, travel, they continue to do well. Banking and financial services in infrastructure, on the other hand, slowed down considerably compared to Q4, right? So I don't know -- I mean, it's because of AI, I think still early days. It's -- but there's generally a sense some softness in hiring demand, both in the domestic on the non-IT side in certain sectors and also with IT services companies and PPMs. So whether this is temporary or -- and whether growth will come back, hard for me to say. Now of course, July started off on a better note. Some of those pending collections, we were able to collect some of those contracts, which got deferred. We were able to collect that money in the first 10, 12 days of July. So July collections growth were actually pretty solid, 19% collection, 13% billing. But whether we'll be able to sustain this going forward, hard for me to say at this point in time, right? From a customer standpoint, it's, I think, different things with different companies. In some companies, we are still seeing very strong billing growth, right, even amongst IT services companies. Some companies are soft, so just some companies seem to be doing better than others. They are hiring more people. We are still billing a lot more than we were billing earlier from them. In some companies, there is a little more softness on the hiring side. So it's company by company. The consultant business also slowed down a little bit. So consultant growth was low single digits last quarter, the recruitment firms.

All right. This is helpful. Just one follow-up and maybe a bit more philosophical question. So today, when you look at AI and perhaps its impact on tech jobs and maybe white-collar hiring in general, so one school of thought is there will be many more jobs, but there will be job losses also and net effect, perhaps not too many people know about it yet. But one thing which is quite clear is the high-value jobs, perhaps if you were heavily reliant on a job listings model, maybe for job listings of high-value openings, you could charge a meaningful tariff or premium versus, say, the mass market rules and perhaps you would not be that badly impacted. What I'm trying to understand is your current model is more a database model where you are charging clients based on usage of the database and not making that much differentiation in pricing by the kind of job that a recruiter is hiring for versus a platform, say, which would primarily have job postings where it would be easier to charge a premium or a nonlinear tariff from those who are hiring very high-value targets, right? So which is why if you talk about this and perhaps the implications on revenue trajectory, I think that is what investors are quizzing us on when we discuss with them.

You're right. What we are sensing right now is that there seems to be more demand for premium talent than regular sort of job seekers. At the same time, I think there is also more demand for -- perhaps -- but early days for us because we are -- the JobHai business is -- we are new to that business. But even on Naukri for the less skilled, less experienced, lower sort of wage talent. Now -- but the point you make on whether we can always up prices. So if -- what we've also seen over the last 5 years, by the way, is that the CTC of a CV being viewed on Naukri has gone up substantially, right, which basically means that we can up prices on over time, if required. So because if the quality of people or if companies save more money by hiring through Naukri because they're adding more premium talent through Naukri, then we should be able to charge more. So we could do that. And nothing prevents us from even moving to a credit model, where we say, listen, if you view CVs, which are above a certain sort of CTC, then we charge you one credit. On the other hand, if you view CVs, which are -- where salary levels are low, we'll charge you half a credit. So that is possible. We haven't taken that call as yet. But it's not as if this can only be done on the job listing side. The point I'm making is you can do it on the resume side as well, database side as well. So -- but we are yet to take that call. We are still -- so let's see how things evolve. I mean, very early days, like I said, -- this is -- these are very different times, hard to predict what's going to happen. You get taken by surprise. We don't want to take decisions in a hurry. We would rather wait for things to settle down and then understand where -- what the trends are long term and then take our calls on pricing.

No, that's very useful. Thanks for the color. My second question is on ad spends. So your P&L almost appears like that of an FMCG company because you have consistently been spending 12% of your revenue on advertising. And it seems that you are consistently supersizing your brand. So I just want to get your thoughts on whether this is a phase or is this a business that needs continuous brand investments with this level of FMCG like intensity? Just your thoughts here.

We've got like these 4 businesses and the level of spending is different for -- in different business. So in Naukri, some time back, we used to spend 3%, 4% of our revenue on marketing. We've upped it for the last few quarters to maybe, I don't know, what, 8%, 9%, 10% of our revenue. But it's not as if we need to spend this money on Naukri. So we can even spend 4% and we'll be fine for some time, right? So now what we are also doing is spending a little more on the new businesses that we are building like hirist, like the businesses, which are doing better than earlier, like Naukri Gulf, where we are not -- we are reasonably strong player, but it's not as if we dominate the market. So we are trying -- we're spending more in JobHai, which is a new business we are building. So some of these investments need to be made upfront, right? We don't capitalize them, but they are important to build brands in the long run. Naukri, we spent a little more this quarter because we were on IPL. We can moderate that spend going forward. So that's Naukri. But in 99acres and Jeevansathi, I think these businesses require substantial investment in marketing for the foreseeable future, right? The -- because we are trying to gain share in these segments. We are trying to grow these businesses faster than the market and then our competitors. So we have upped our brands, our ad spending in 99acres over the last few quarters. We have upped our ad spend in Jeevansathi also. We are -- we expect these businesses to grow faster going forward or grow fast, not faster, grow fast going forward. And we want to gain market share. And I think it's very important for the long run because in the end, it's market share which matters the most. That's what gives you pricing power in the market. So marketing investments in these 2 verticals will continue. And in these verticals, we will be spending a lot more than 10%, 12% of our revenue on marketing, right? Shiksha is a tiny business. We don't spend a lot of money on marketing. We are like -- but like I said, there are some headwinds there because it's a content business and content businesses globally, if you study what's happening after these chatbots are getting impacted because a lot of the searches and queries are getting answered on ChatGPT and Gemini and itself. And so we are experimenting with -- to figure out how we can build different funnels to get more users on the platform. So we are -- so Shiksha is -- it's okay right now, but we are trying to figure out how we can derisk it from whatever we are sort of seeing happen to the publishing industry globally. And therefore, we're experimenting with building a marketing funnel there. And so right now, the marketing spend in Shiksha is tiny. It could go up going forward. So it's different sort of strategies and different approaches in different businesses depending on market dynamics, competitive intensity and realities.

Next question is from Sachin Salgaonkar from Bank of America.

First question, Hitesh, I wanted a bit more color in terms of slowing in terms of billing growth in Naukri. I understand it was on the back of, let's say, a soft macro and a demand slowdown. But any more color you could give in terms of is it the GCCs, ITs, non-ITs, where you're seeing slowdown and where things are fine? In particular, I saw GCC being a strong contributor in the past. So generally, I wanted to get a bit more color in terms of how billings growth is holding up for GCCs.

Yes. I think I just -- I did give out this number. So GCC growth for us -- so we saw moderation in growth in segments -- with segments like with recruitment consultants and with IT services companies, BPM, BFSI and infrastructure with these sectors -- in these sectors. On the other hand, we saw reasonably good growth with technology companies, retail, health care, manufacturing and GCCs. I think GCC growth even last quarter was 17% or so for us.

Is this the same billings growth or this is the revenue growth you're talking about? Okay. Billings growth, got it. Okay. So that was question one. Question two, again, a follow-up to the question which was earlier asked by Vivek. This is largely trying to understand how should one think in terms of spending towards advertisement. So one way to think is if growth slows down, then would the company spend more on marketing and vice versa, if growth picks up, then what's perhaps the need to spend on marketing. Is that a factor also to be considered apart from some of the factors what you mentioned as an answer to the earlier question?

So in the core Naukri business, the growth slows down because there's -- because of softness in demand, we don't need to spend more on marketing, right? Because there's no shortage of job seekers there. But where we are spending more within the Naukri -- I mean, we were generally off media for a while, we were spending and the growth is looking up. So we were okay. But we continue to spend on the blue collar business, for example, that's a business we're building from scratch. That requires investment. So that marketing spend will continue to grow. We are spending a little more than we used to on the Naukri Gulf business because we've been seeing good growth there for the last 7, 8 quarters. We are gaining share. We are spending a little more than -- we spend a little bit on our high-risk business, which is a tech -- premium tech hiring platform that we're building, both iimjobs and hirist have been doing really well for us. They're growing 40% year-on-year. So these are some investments. And some small cities like we now are in 80 cities, we've opened new offices. We need to support these offices with some marketing, local marketing. So we continue to spend a little bit on that. But it's not as if we have to spend this money to grow our business. If growth slows down, we can moderate our spend, especially if there's not enough -- if there's not much competition. In 99acres and Jeevansathi, it's a different story. We are gaining share. We're executing well. We are growing the business reasonably solidly. Our metrics are looking very good. Our -- all the metrics we track, platform metrics we track are looking really solid. Jeevansathi is the fastest-growing Matrimony business. It's gaining share. 99acres has been growing much faster than its competitors for the last few quarters now. Again, it's been gaining share. So -- and we are encouraged by the return that we are seeing on our investment in marketing in both these platforms. Of course, we are doing a lot of other stuff as well. It's not just marketing. But -- so I think these investments will continue. And I think what is -- the other thing we need to understand is that we are cash rich. We -- and in times when markets are slow, maybe sometimes competition sort of slows down the stock spending, but we can afford to spend. And if you spend in a market where others are not spending, it helps you gain share. So because there's just less competition for users, right? And so I think these spends will continue.

Got it. And final question, try to understand the impact of AI on businesses. Now you did call out impact on Shiksha. But are we seeing something similar as an impact, let's say, on 99acres or Naukri? Or is it largely restricted towards a business like Shiksha?

You mean the AI that's happening outside [indiscernible] bots or how we are leveraging AI that I just took you through. I mean...

Yes. Yes. Not how you guys are leveraging AI, but the impact per se on the competition on AI in terms of the business getting impacted per se because of the bots and what's happening in tech companies and so on and so...

Yes. So far, we have not seen any significant impact on the Naukri and the 99acres business because of these AI models like ChatGPT and Gemini and others. In traffic on our content platforms like Shiksha and AmbitionBox to some extent in Naukri has been impacted. So we're trying to figure out how to sort of do a better job there. But so far, we have not seen impact in Jeevansathi and Naukri and 99acres. Any material impact...

Next question from Vijit Jain from Citi.

I have 2 questions. One, Hitesh, I just wanted to double click on the initial remark you made on -- you said a lot happened in the second half of last quarter and clients -- some clients deferred purchases, reopened contracts, et cetera. Now I mean, was this specific to certain categories of clients? Or were you also -- were you kind of referring to IT services clients?

IT services, some consultants, mostly large customers.

Got it. And so in general, do you think your ability to take pricing action, obviously, therefore, will continue to be a bit difficult here. Do you have pricing action levers left in any particular segments as you look forward into F '26. And I think I'll just add another question on it. If I look at this other segment that you're now disclosing in your billings, right, where I think last year, every quarter, you had 18% to 20% odd growth. Now I know you've called out certain sectors slowing this quarter. But were there any temporary impacts as well because it went from 18% to 7%?

Yes, which segment that you talked about?

So you have those 4 buckets within your billings growth, right?

Yes. Maybe that's basically non-IT, where we have BFSI and all which has slowed down in the quarter.

So this was 17%, 18%, 19% odd every quarter last year, and this quarter is about 7%. So I'm just wondering if there was -- I mean, is 7% inclusive of any one-offs there? Or is that how you should think about it going forward, at least near term?

Q3, Q4 last year was very good for us. And domestic economy is doing well, even IT services companies have started hiring and growth -- in almost every segment was in double digits, including consultants that started hitting 10%, 12%. Now things slowed down in Q1 because of whatever happened and especially towards the second half of Q1. Till first half, we were hoping to grow in the teens once again, but things did sort of -- growth did moderate substantially towards the second half of the quarter. And it moderated for -- across segments. So consultants were hit, IT services companies were hit. Some domestic economy sectors were also hit like BFSI and infrastructure and maybe for different reasons. I don't know the reasons, right? I can't comment on them beyond a point. And some sectors like health care and manufacturing and others on the retail, et cetera, continue to do well on the domestic side. So now even going forward, a lot will depend on, see, fundamentally, global demand, which determines what happens to IT services companies and which determines their hiring and domestic demand, which determines what happens in the -- to the non-IT companies mostly in the Indian market, right? So -- and of course, the third thing is all the new stuff that we are doing. So like I said, some of our businesses continue to grow at 20%, 30%, 40%, but they are like maybe 20% of the total business, so in Naukri. And pricing, now see, pricing we get our pricing. I mean we believe that we sort of are still the most -- it's the cheapest way to hire, the fastest way to hire, the easier way to hire. But normally, it's easier to take price increases when there's a reasonably decent market for hiring. It's harder to push through price increases when demand is soft, right? So we'll wait and see. We'll wait and see and see how things play out in the next 1 or 2 quarters.

Next question from Deep Shah from BK Securities.

So actually, some of the questions were answered, but I had a follow-up on the marketing front. So over the last 2 years, let's say, if we take the same quarter, we've seen like a 20%, 25% CAGR kind of increase in marketing. And I think you made it very clear that a lot of it is going towards Naukri. So what is happening? Are we expanding the audience that we are reaching out to? Or is the advertising market become a lot more expensive, say, when you spend on IPL, is that profitability a lot more expensive, reaching out to more markets? If you could actually help us understand? Or is it that the new initiatives that you have, they have a slightly different advertising say, funnel, which you are going to tap into?

Within Naukri, you're talking about?

Yes.

So see, it's like let's look at the spend in 3 different buckets. One is brand marketing, right? Like that's the kind of stuff you do on IPL. Then there is regular performance marketing, the kind of marketing we do to get more CVs and so on and so forth. And third is marketing spend on some of the newer initiatives like iimjobs, hirist, Gulf, et cetera, or better like slightly JobHai, right? Now the bucket number one, IPL, our team felt that we had been out of media for a while and so on. So they wanted to sort of go back and make some noise. Now that's not what you need to -- I mean, on every quarter to grow your business. We can live without it for a while if you want to, right? Regular performance marketing spend will continue. Now performance marketing spends are a function -- now the cost of, let's say, acquiring a CV is a function of competition and of course, how actively job seekers are looking, right? So we get -- like I mentioned, we get 26,000 new CVs a day. Now if it becomes 25,000, we will make a difference to business, right? Can you push marketing, make it 30,000? Very hard, right? A lot of them come organically anyway. So -- and performance marketing spends are not very high. So if we can live with a performance marketing spend of, let's say, even INR 30 crores, INR 40 crores a year, that should be enough for Naukri. Now how much do we want to spend on JobHai is a function of how fast we think we can grow and how fast we want to expand. So we are making those investments right now. We are getting some results. If we get even better results, we'll make even more investments. But this is a new business that we are building for the future. The marketing spend gets clubbed, but frankly, it's going towards building a brand-new business, right? Iimjobs and hirist, because they're growing at 40%, we are sort of spending a little bit, not too much on them because, again, we would like a business to actually get organic traction. And we supplement and complement that traction with marketing. It's not as if we force marketing to down people's business to grow business. In Naukri Gulf, we've been growing at 20% for the last 3 years now. It's become a solid business for us. It's profitable. We see an opportunity there. We are doing a little more marketing than earlier. That's all. So these are the 3 buckets, in which within -- in which we spend. Now the branding bucket, you can do without for a long time. It's not necessary. The other 2 buckets are perhaps we would want to sort of continue.

Next question from Nikhil Choudhary from Nuvama.