However, like all other B2B/B2B2C focused internet companies, the current crisis would most likely affect the company’s momentum in near term billings and cash collections. This is because the lockdown situation would not only affect new client on-boarding but also lead to postponement of contracts that would be up for renewals in the near term, especially in case of Naukri and 99acres. This comes on the back of the macro headwinds that were affecting the company’s historical strong growth momentum. Assuming that the current crisis is contained to a large extent before Jun’21, we cut our billings estimates for Naukri and 99acres over FY20-22E, which in turn negatively
impacts our standalone revenue estimates for FY20/21/22 by -3%/-12%/-14%.
