BharatMatrimony’s Q3 net profit rises 75% on one-time gain
Matrimony.com Pvt. Ltd, which operates online matchmaking portal BharatMatrimony and a clutch of affiliated websites, has reported consolidated net profit of Rs 23 crore for the third quarter of the current financial year. This constitutes a 75.1% increase over its consolidated net profit in the same quarter in 2016-17.
This is the Chennai-headquartered Matrimony.com’s second earnings announcement since listing on the National Stock Exchange in September last year. In its previous earnings report, the company had reported a 64% jump in its consolidated net profit to Rs 19.16 crore for the quarter ended September.
The firm’s consolidated revenue came in at Rs 83.66 crore for October-December 2017, rising 15.4% as compared to the same period in the previous fiscal, a company statement said.
The net profit includes a one-time receipt of Rs 12.82 crore from founder and managing director Murugavel Janakiraman in connection with a legal matter in the US.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 7.8% year-on-year to touch Rs 17.38 crore.
“Matchmaking business witnessed a growth of 16.2% against the corresponding quarter of the previous year in free registrations,” said Janakiraman. “With the increased marketing spends in Q3, the revenue is expected to improve over the next few quarters.”
Profit before tax including an exceptional item witnessed a 27% growth at Rs 16.69 crore compared to Rs 13.14 crore in the same period last quarter.
Founded in 1997, Matrimony.com is one of India’s oldest online marriage service providers. It comprises three segments: matchmaking services, marriage services and related sale of products and other services, such as the mobile-only relationship app Matchify.
Apart from BharatMatrimony, it operates marquee brands such as CommunityMatrimony and EliteMatrimony.
Revenue for the matchmaking segment recorded a 14% growth year-on-year to reach Rs 79.73 crore.
In all, nearly 10 lakh profiles were added in the third quarter, with more than 60 percent added by prospective brides and grooms. It also reported 78,000 “success stories” in the first nine months of 2017-18.
EBITDA for the matchmaking segment grew 16 percent to Rs 25.05 crore against Rs 21.58 crore in the year-ago period.
The company also announced a change in management. Nikhil N Khattau, who was representing investor Mayfield XII, Mauritius, resigned from the Board after Matrimony.com was listed.
Before going public last September, the company had raised $35 million (Rs 226 crore) from a bunch of investors including Baring Private Equity India and Goldman Sachs.