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Job Listings On Naukri.com Decline By 22.4% Since July; On Revenue Implications

Naukri JobSpeak Nov

Naukri JobSpeak NovUpdate: According to Naukri.com the number of job listings on the site cannot be correlated with revenues:

a. The Revenue model for Naukri.com is largely subscription based which varies from annual to quarterly periods. A large proportion of these are annual contracts. Therefore a reduction in the number of posting does not necessarily translate into a corresponding drop in revenues.

b. Individual listings are just a small component of the Revenues for Naukri. Our other products include Resdex – The database, Branding solutions etc which are not directly impacted by job listing activity.

Original Story: According to JobSpeak, a report released by Info Edge India, the number of new job listings on their portal Naukri.com have been on the decline since July 2008. 

JobSpeak claims to to highlight job industry trends, but since it draws its data only from listings on Naukri.com, we see it as an indicator of the performance of Naukri.com. Historically, the recruitment business (Naukri.com and Quadrangle) contributes to over 85% of Info Edges revenues, a significant majority of which is from Naukri.com. Therefore this study by the company takes on even more significance from an earnings perspective.

The Decline In Listings

While absolute numbers have not been shared, the index indicates that for every 1000 jobs per sector that were listed at Naukri.com in July, how many were listed in the subsequent months – hence, a percentage change, rather than absolutes. According to our calculations, the decline since September has been as follows:


Keep in mind that during the Diwali season, recruitment declines. We’re now in the final quarter of the 2008-09 fiscal, which has historically been the best quarter for the company.

Possible Impact On Revenue

It is key to remember that IT Services was among Naukri’s key sectors – contributing around 25.4% to its revenues, so even a 9.65% decline in listings is significant. Banking has contributed to 5% of revenues, so a 40% decline in listings will also have a significant impact on revenues from that segment. 

Traditionally, Naukri has depended on large IT clients – the top 10% of their client base (total – 18356 recruiters) contributes 62% of revenues (based on the Q209 Earnings Call), but since the beginning of 2008, they have been working on reducing their dependency on large clients. Info Edge had constituted at Small Accounts Team, looking to increase their client base and reduce dependency. We’ve also heard that they have been fairly aggressive with their sales in the past couple of months – introducing different packages to retain clients. Whether they have dropped rates – we don’t know, but will find out soon during the Q3 earnings call.

Download Jobspeak: Nov 2008Oct 2008

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