Just Dial Q3 net profit rises 4%, revenue up 9.2%

Just Dial Q3 net profit rises 4%, revenue up 9.2%
23 Jan, 2018

Online local business search engine Just Dial Ltd reported 4.2% rise in net profit to Rs 28.6 crore for the quarter ended 31 December 2017 against Rs 27.4 crore a year ago, stock-exchange filings showed.

Revenue came in at Rs 196.8 crore, up around 9.2% from Rs 180.27 crore in the year prior.

However, on a sequential basis, the company’s profit declined by 23.7%. During the quarter ended September 2017, it posted a net profit of Rs 37.46 crore, while revenues in the previous quarter stood at Rs 214.52 crore.

A fall in other income led to the slowdown in net profit. Other income for the current quarter stood at Rs 2.6 crore versus Rs 20 crore in the previous quarter and Rs 19.7 crore in the same year-ago period. Increase in bond yields in the current quarter of the financial year 2017-18 resulted in losses in the company’s long-term maturity investments, it said in the filings.

The company’s operating earnings before interest, taxes, depreciation and amortization grew over 80% at Rs 46.5 crore year-on-year.

Cash and investments stood at Rs 1,085.3 crore for the quarter as against Rs 967.7 crore in the same year-ago period.

Just Dial’s unique visitors during the quarter stood at 107.6 million, a 33.6% increase from the previous financial year, the company said in the filing.

Out of Just Dial’s total traffic volume, 68.4% originated on mobile platforms, 23.3% on desktop/personal computers, and 8.3% on the firm’s voice platform, the company said.

The company saw its total active listings rise 19.7% to 20.7 million for the quarter ended 31 December 2017 on a year-on-year basis.

The Just Dial stock has seen sharp fluctuations over the past one and a half years. Its price slumped to Rs 319 in December 2016 and peaked at Rs 619 in March 2017 before losing steam again and touching a low of Rs 330 in August 2017.

Just Dial, which was valued a staggering $1.8 billion in January 2014, has seen its value erode sharply and revenue plateau over the years.

In November last year, a media report stated that search giant Google was in talks with Just Dial to take over the firm. Just Dial, however, denied any takeover talks with the US Internet behemoth.

In the same month, venture capital firm Sequoia Capital offloaded some of its stake in Just Dial, yielding below-average returns.