Internet Q1 results preview: B2C growth momentum sustaining

We believe quick commerce may continue to lead the e-commerce space in terms of growth. We estimate Blinkit’s gross order value to grow ~1.5 times YoY in Q1 FY25E. Also, we estimate food delivery business to grow ~23% YoY, sustaining FY24 momentum.

With regards to overall ecommerce space, we believe the proportion of captive logistics continued to increase which may keep express parcel volume growth muted for Delhivery.

In B2B space, we estimate IndiaMART’s revenue growth trajectory to pick up from lows of Q4 FY24. Given the signs of improvement in IT hiring space and sustained performance of non-IT sectors, we estimate Info Edge’s recruitment business revenue to grow ~13% YoY in Q1 FY25E. ICICI Securities