Info Edge (India) Ltd

Dear Shareholders,

FY25 was a pivotal year for Info Edge. We surpassed several key milestones that demonstrate both the strength of our business model and the long-term value we continue to create. Our market capitalisation crossed Lakh Crore for the first time, a reflection of the enduring trust you have placed in us and our continued relevance in India's evolving digital economy.

We continue to stand strong as a company with diversified and leading digital platforms across Recruitment, Real Estate, Matchmaking and Education, supplemented by a high-quality standalone investment portfolio that adds to our long-term value creation.

Amid a dynamic and evolving macroeconomic landscape, we delivered a resilient performance marked by double-digit growth, stronger cash flows and healthy margins. Our recruitment business rebounded strongly from the lows of FY24, increasing growth momentum quarter after quarter while retaining market leadership, delivering double-digit growth with robust profitability. At the same time, our non-recruitment vertical maintained healthy growth and, for the first time, achieved full-year cash profitability, a significant milestone in the journey toward long-term sustainability.

We continued to invest in our product and technology backbone, particularly in Al, a principal disruptor that is shaping the next wave of innovation. Our Al-led initiatives are already delivering meaningful impact across product performance and efficiency metrics. We view Al as a long-term strategic lever to unlock scale, enhance customer value and build future-ready capabilities across our businesses.

We are grateful to you for supporting our key strategic initiatives, including the approval to invest upto Rs.10 Billion in a new AIF schemeto back India's next generation of entrepreneurs. During the year, we also undertook a stock split, reducing the face value of our shares from Rs.10 to Rs.2, enhancing accessibility and liquidity for our shareholders.

As we reflect on the progress made in FY25, we remain focused on driving sustainable growth, seizing emerging opportunities and building a future-ready Info Edge.

Over the past five years, billings have grown at a healthy CAGR of 25.1%, rising from Rs.11,758 Million in FY21 to Rs.28,817 Million in FY25. Similarly, revenues have grown at a CAGR of 23.8%, increasing from Rs.11,280 Million in FY21 to Rs.26,536 Million in FY25. Even when excluding the COVID-impacted period, revenues have maintained strong momentum, growing at a CAGR of 19.3% from FY22 to FY25.

We have consistently improved our operating PBT margins from 21.1% in FY21 to 36.7% in FY25, driven by sustained recruitment business performance and significant reduction in operating losses across non-recruitment businesses. These numbers reflect the healthy and sustained recovery we have achieved since the COVID-19-related downturns.

In FY25, our standalone business delivered a robust performance with billings growing by 15.5% and revenue increasing by 11.5%Y-o-Y. We closed the year with a robust 19.0% Y-o-Y growth in billings in the final quarter. Our operating profit before tax margin stood at 36.7%, reflecting the strength and efficiency of our business model. Cash Flow from Operations grew by 16.1% over the previous year to Rs.13,176 Million, underscoring the consistent cash-generating ability of our businesses. As of March 31,2025, our standalone cash balance, including that of our wholly-owned subsidiaries, stood at Rs.47,857 Million. This healthy liquidity equips us well to fund ongoing operations, support future investments, navigate uncertainties, and continue delivering long-term value to our shareholders.

The global economy experienced a degree of uncertainty during the year, primarily driven by escalating trade tensions and various geopolitical disruptions. Despite these global headwinds,

India remained relatively resilient, supported by its domestic demand and structural strengths.

While international developments can have indirect implications for sectors such as recruitment and real estate, our exposure remains limited. This is due to our well-diversified business model and keen emphasis on India-centric verticals. As one of the leading digital classifieds companies in one of the world's fastest-growing internet markets, we are well- positioned to benefit from the continued expansion and evolution of digital adoption and advertising in India.

While the hiring environment remained modest in FY25, our recruitment business demonstrated a steady rebound, with improved growth in each subsequent quarter. Despite headwinds in the IT services sector, overall gross hiring activity remained stable, supported by replacement hiring driven by elevated attrition levels and high employee utilisation rates. The Global Capability Centre (GCC) segment continued to expand throughout the year. At the same time, other sectors such as BFSI, manufacturing, infrastructure, real estate and healthcare/pharmaceuticals sustained a healthy growth trajectory, underpinned by the strength of the domestic economy. Over the years, the value delivered to our customers has also improved, with a growing share of higher-value candidate profiles being searched more frequently on Naukri, indicating a clear trend of platform premiumisation.

Over the years, we have built a well-diversified customer base across sectors. In FY25, our India B2B recruitment billings reflected a balanced distribution - the IT services, tech and BPM segments combined contributed 28.0%; GCCs accounted for 16.7%; recruitment consultants contributed 25.5%; and other sectors made up the remaining 29.7%. The combined contribution of IT services, directly and via GCCs limited our exposure to global macroeconomic headwinds.

Our billed customer count grew by 11.2% during the year, reaching over 128,000 corporate clients.

We remain focused on expanding our customer base further. This approach includes strengthening go-to-market strategies across sectors, widening our presence among small and medium enterprises and deepening our reach in Tier II and Tier III cities. The GCC segment remains a particular area of focus for new client acquisition.

Our efforts to evolve Naukri from a traditional job board into a comprehensive career platform have been well-received. The number of resumes hosted on Naukri grew by 8.2% to 106 Million in FY25.

This growth is a result of strategic investments in personalised job seeker experiences, including offering career guidance, skilling tools, interview support and curated content. We have also ramped up our marketing and branding initiatives to engage more effectively with the next generation of job seekers.

We continue to see encouraging results from our investments in niche and adjacent recruitment platforms such as iimjobs, Hirist, AmbitionBox, Naukri Fast Forward, Zwayam, DoSelect and NaukriGuIf.These platforms are now part of the Naukri Talent Cloud, a unified ecosystem that delivers seamless access, enhanced security and an integrated experience for recruiters. Our branding solutions across these platforms are gaining traction and these businesses are not only profitable but also unlocking new medium-term growth avenues beyond the core Naukri business.

FY25 marked the first full year of monetisation for JobFIai, our blue-collar recruitment platform.

The platform is scaling well, expanding to over 40 job categories, working with more than 50,000 recruiters and building a user base of over 15 Million jobseekers. It continues to gain traction across both traffic and reach metrics. Although still small, it holds great potential and could become a sizeable business in the mid-to-longterm.

On the financial front, our standalone recruitment billings grew by 14.6% to Rs.21,577 Million, while revenues rose by 9.8% to Rs.19,826 Million. After a muted start to the year, billings growth accelerated to 18.4%Y-o-Y in the fourth quarter. The business maintained strong profitability, with an operating PBT margin of 56.3% and cash generation from operations amounting to Rs.13,445 Million.

FY25 was a year of focused execution and strategic progress for the 99acres business. This performance was reflected in improved traffic share, strong acceleration in Q4 billings, market share gains and

a further strengthening of its leadership position.

The business is now approaching an inflection point, supported by a favourable industry backdrop and consistent efforts to build scale and differentiation in a competitive but high-potential market.

The Indian real estate sector has seen a sustained revival over the past few years, marked by robust demand across both primary and secondary segments. Continued new project development has not only supported primary sales but has also led to a structural expansion in the secondary market.

This evolving landscape presents significant growth opportunities for digital real estate platforms. Overtime, 99acres has deepened its presence in the secondary market while steadily expanding its offerings and relevance in the primary market as well.

In FY25,99acres recorded a 17.0% Y-o-Y growth in billings to Rs.4,507 Million, with growth accelerating to 21.9% in Q4. Revenues also grew by 16.9% to Rs.4,108 Million during the year. On the back of this growth and ongoing cost optimisation initiatives, operating losses reduced by 31.0% Y-o-Y. Notably, the business turned cash-positive for the full year, generating Rs.25 Million in cash from operations.

In FY25, Jeevansathi continued its strong growth trajectory following the transition to a freemium model. The business remained focused on growing its user base organically while enhancing user experience through targeted investments in matching algorithms and platform features. These efforts led to notable improvements in key engagement metrics such as profile acceptances and the frequency of two-way chats, reflecting increased user activity and satisfaction.

During the year, new monetisation levers were introduced, several of which have already begun to positively impact user conversion and revenue generation. As a result of these initiatives, Jeevansathi registered a 31.1% growth in billings to Rs.1;109 Million and a 28.8% increase in revenue to Rs.1,098 Million. Operational performance also improved significantly, with operating losses reducing by 79.8% Y-o-Y to m8 Million.

In FY25, our online education classifieds business, Shiksha, delivered a steady performance, driven by strong momentum in the domestic segment.

Billings from the domestic business grew by 26.3%, supported by increasing demand from new private universities and colleges, as well as the expansion of offerings beyond traditional engineering programmes. However, the study abroad segment faced headwinds due to global geopolitical developments, particularly in key destinations like the US and Canada. However, we are seeing a shift in student preferences towards countries such as the UK and continental Europe.

As a result, overall billings for Shiksha grew by 13.6% in FY25 to Rs.1,624 Million. Across both domestic and international segments, we continued to make focused investments in building rich, student-centric content and strengthening our domain expertise, ensuring that Shiksha remains a trusted and informative platform for students making critical educational decisions. Despite near-term softness in the study abroad segment, we remain optimistic about its long-term potential.

Beyond our operating businesses, we continue to make strategic investments that complement our core verticals and strengthen our long-term positioning. These investments are aimed not just at value creation, but also at building future capabilities, unlocking adjacencies and staying aligned with evolving digital and consumer trends. Together, they enable us to extend our ecosystem, learn from emerging models and reinforce the strategic depth of our portfolio. As of March 31,2025, our strategic portfolio included seven entities with Rs.3,971 Million invested in support of our core businesses.

Our approach to financial investments is anchored in long-term value creation and prudent capital allocation. In line with this, we continue to invest in early-stage, high-potential startups through our AIFs.

As of March 31,2025, our financial portfolio comprises over 110 investments across balance sheet and through AIFs. These investments span diverse sectors and business models, with a focus on digital-first companies that align with India's evolving consumption and technology landscape.

Several companies in our financial portfolio have scaled meaningfully, with Eternal and PB Fintech witnessing healthy growth in market capitalisation in FY25. Several portfolio companies are preparing for potential listings in the coming years, which gives us confidence in the continued value creation that this platform enables.

Over the decades, we have witnessed several pivotal technological shifts, from computers becoming household essentials to the rise of the internet and mobile technology, each transforming the way we live and work. Today, Al stands poised to be the next major disruptor. While Al has existed conceptually for years, the scale of computing available today is driving its widespread adoption and impact.

Al is reshaping industries, automating complex tasks, enhancing decision-making, personalising user experiences and driving operational efficiencies.

While this shift requires new skills and adaptation, it also opens up exciting opportunities for innovation and long-term value creation abilities. At Info Edge, we view Al not as a challenge but as a powerful catalyst for growth.

We have been leveraging AI/ML for several years in areas like resume parsing, semantic search and personalisation. With demonstrated proof-of- concept success, we are now scaling these efforts across the enterprise. Our central Al team, now over 130 strong, is building solutions that are already delivering 15-20% improvements in key metrics across business verticals.

Info Edge is uniquely positioned to lead in the Al space, owing to our extensive proprietary data assets, the ability to deploy solutions seamlessly across business verticals and the financial strength to invest with a long-term perspective. Our Al strategy hinges on four key priorities:

1. Enhancing search quality, user personalisation and productivity across existing platforms

2. Building new Al-powered features that improve user experience and engagement

3. Creating entirely new products and monetisation levers powered by Al

4. Leveraging Al internally to improve operational efficiency, decision-making speed and execution agility

Our investments in Al are strategic and long-term.

The results we are seeing reaffirm its potential as a key differentiator for Info Edge, unlocking innovation, strengthening competitiveness and shaping our future growth.

In a nutshell, FY25 was a dynamic year marked by the execution and progress of different strategic paths for each of our operating businesses. Our recruitment portfolio continued to deliver steady growth and strong profitability, while our non-recruitment businesses achieved a key milestone by turning cashpositive on a full-year basis for the first time. These outcomes validate the strategic paths we have taken and set a solid foundation for sustainable growth.

Looking ahead, the effective adoption of Al and emerging technologies will play a critical role in shaping the future trajectory of our businesses.

We are committed to leveraging these advancements not just for efficiency, but also to unlock new opportunities and deliver enhanced value to all stakeholders.

As a services-led organisation, our greatest strength lies in our people. We continue to invest in attracting top talent with future-ready skills, while also equipping our existing workforce with the capabilities necessary to adapt and succeed in a rapidly evolving environment.

I would like to express my sincere gratitude to all our employees, partners, customers and shareholders for their unwavering support and belief in our vision. As we move forward on our growth journey, I look forward to your continued encouragement and trust in building a company that consistently creates Iona-term value.

MD & CEO.