Reliance Retail-owned hyperlocal search engine Justdial’s net profit jumped 115% to INR 154.07 Cr in the quarter ended September 30, 2024 (Q2 FY25) from INR 71.79 Cr in the year-ago quarter.
On a sequential level, Justdial’s profit increased 9% from INR 141.22 Cr in Q1 FY25.
The growth in operating revenue was subdued in the quarter. Justdial’s revenue from operations stood at INR 284.83 Cr during the quarter under review, up 9.3% from INR 260.61 Cr in Q2 FY24. Sequentially, it grew 1.5% from INR 280.57 Cr in the previous quarter.
However, the company’s total income jumped 25% to INR 398.44 Cr in Q2 FY25 from INR 318.53 Cr in the year-ago quarter, as other income nearly doubled.
The company’s other income for the quarter stood at INR 113.61 Cr, up 96% from INR 57.92 Cr in Q2 FY24.
Justdial said that the other income in the quarter included fair value gain on financial instruments and profit from sale of investments. While fair value gain stood at INR 99.80 Cr as against INR 50.73 Cr in Q2 FY24, profit on sale of investments stood at INR 6.4 Cr in Q2 FY25 as against INR 1.03 Cr in the year-ago quarter. The company said its deferred revenue stood at INR 515.5 Cr, up 10% year-on-year (YoY).
“Sequential growth was led by higher MTM (mark to market) gains on treasury portfolio due to decline in bond yields during the quarter,” the company said in a statement.
The company’s EBITDA for the quarter stood at INR 82.1 Cr, up 68% year-on-year (YoY). EBITDA margin increased to 28.8% from the 18.7% in the year-ago quarter.
Meanwhile, Justdial managed to reduce its expenses in the quarter on a year-on-year basis. Its expenditure stood at INR 216.88 Cr in the quarter, a decline of 4% from INR 226.43 spent in the year-ago quarter.
In the quarter, it saw its employee benefits go down 5% to INR 174.52 Cr from INR 185.38 Cr in the year-ago quarter. On a sequential basis, the employee expenses went up slightly from INR 172.87 Cr spent in the previous quarter.
The company attributed the growth in EBITDA margin to top line growth and cost efficiencies.
The total traffic for Justdial in the second quarter of the ongoing fiscal stood at 198 Mn, up 15.3% YoY and 9.3% sequentially. Of this, the company attributed 85.4% of its total traffic coming in from mobile platforms, 11.8% from desktops or personal computers and 2.8% from its voice platforms.
Further, it also witnessed a 15% YoY increase in its active listings in the quarter. The search engine had 46.2 Mn listings on September 30, 2024. Out of the total listings, 30.8 Mn listings were geocoded.
“Our innovative, integrated marketing campaigns—spanning digital and traditional channels like web, print, social media, physical meetup, and email—have successfully boosted our engagement with vendors. We’re not only achieving new revenue milestones but are also making significant investments in advanced technologies, including AI, to further enhance the value we deliver to both users and businesses,” Justdial’s CGO Shwetank Dixit stated in his comment on the results.
Shares of Justdial ended today’s trading session 2.96% higher at INR 1307.10 on the BSE.
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