Justdial Q3 Results: Profit Surges 22% YoY To INR 92 Cr, Revenue Rises To INR 265 Cr

Hyperlocal search engine Justdial reported a 22.3% year-on-year (YoY) rise in consolidated net profit to INR 92 Cr in the third quarter (Q3) of the financial year 2023–24 (FY24). In contrast, the company clocked a profit of INR 75.3 Cr during the same period last fiscal year. 

Justdial’s net profit rose 28.12% from INR 71.8 Cr in Q2 FY24.

The startup’s operating revenue jumped 19.7% to INR 265 Cr in Q3 FY24 from INR 221.4 Cr in the year-ago quarter. Quarter-on-quarter (QoQ), operating revenue grew 1.7% from INR 260.6 Cr in the three month period ended September 2023. 

Meanwhile, income from other sources rose 5.1% YoY to INR 74.9 Cr during the quarter under review. The company attributed this primarily to market-to-market (MTM) gains on treasury portfolio and interest income on tax-free bonds.

Justdial earns revenue primarily through paid advertisements placed by businesses on the platform, premium listing packages, add-on products, including banners, payment features, and more.

It also had a deferred revenue element which stood at INR 472.7 Cr in the quarter ended December 2023 compared to INR 402.4 Cr in Q2 FY24. 

EBITDA rose 122.8% to INR 60.4 Cr in Q3 FY24 from INR 27.1 Cr in the year-ago period. Justdial’s cash and other investments stood at INR 4,405.3 Cr at the end of December 2023 as against INR 3,934.4 Cr a year ago. 

Other Key Metrics See Uptick 

Justdial’s total expenses stood at INR 218.9 Cr in Q3 FY24, up 6.8% from INR 204.9 Cr in Q3 FY23. 

Employee benefit expenses accounted for the biggest chunk of expenditure, contributing more than 81% of the total expense. Employee-related expenditures rose 6.6% YoY to INR 178.5 Cr in Q3 FY24.

Meanwhile, the company saw healthy improvements on the operational front. Justdial said its total active listings jumped 18.8% YoY to 41.6 Mn at the end of December 2023. During the quarter, it saw a net addition of 1.4 Mn listings on its platform.

The number of active paid campaigns on the platform stood at 5.66 Lakh at the end of Q3 FY24, up 8.6% YoY. 

Meanwhile, the number of unique visitors to Justdial’s platforms rose 5.8% to 165.9 Mn in Q3 FY24 compared to 156.8 Mn in Q3 FY23. The company said that the majority of the traffic originated from mobile devices (85.2%), followed by desktops (11.4%) and its voice platform (3.4%).

However, app downloads declined 2.1% YoY to 7,660 during the period under review. 

Justdial released its financial statements for Q3 FY24 after market hours on Friday (January 12). Shares of the company closed 1.07% lower at INR 871.65 on the BSE today.

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