SUMMARY
Justdial, which charges an average annual subscription fee of INR 18,000 - INR 20,000, said it currently has over 5 Lakh paid customers
Justdial’s net profit stood at INR 83.4 Cr in Q1 as against a loss of INR 48.4 Cr a year ago. However, profit declined 0.5% sequentially
Justdial’s total expenses grew to INR 222.3 Cr in Q1 FY24 from INR 185.4 Cr in the same quarter last year and INR 210.7 Cr in Q4 FY23
Mumbai-based hyperlocal search engine Justdial saw a traffic of 17.04 Cr unique users in the first quarter of the financial year 2023-24 (FY24), helping it report a record operating revenue in the quarter which grew 33% year-on-year (YoY) to INR 247 Cr.
“The remarkable milestone of over 17 Cr users and highest ever revenue of INR 247 Cr is a testament of the trust bestowed upon us by our valued users and vendors alike… our journey of continuous evolution and innovation enables Justdial to retain its position as India’s no. 1 local search engine,” said Shwetank Dixit, chief growth officer of Justdial, in a recent statement, speaking on its quarterly results published last month.
Justdial said it currently has over 5 Lakh paid customers. The company charges an average annual subscription fee of INR 18,000 – INR 20,000 on its platform.
Its directory of 3.8 Cr businesses and customer reviews has become a valuable resource for making informed choices for present-day users, who are heavily influenced by online reviews and ratings, Justdial said.
In Q1 FY24, the company’s net profit stood at INR 83.4 Cr as against a loss of INR 48.4 Cr in the corresponding quarter of the previous year. However, despite the growing user numbers and topline, Justdial’s profit declined 0.5% sequentially from INR 83.8 Cr reported in the prior quarter – Q4 FY23.
On the expenses front, Justdial’s total expenses grew to INR 222.3 Cr in Q1 FY24 from INR 185.4 Cr in the same quarter last year and INR 210.7 Cr in Q4 FY23.
The company’s employee benefit expenses continued to increase on both YoY and sequential basis and stood at INR 182.5 Cr, comprising over 82% of its total expenses in the quarter under review.
Reliance Retail acquired Justdial in September 2021. In December last year, the conglomerate sold 16,86,119 shares or a 2% stake in Justdial, in the open market.
Justdial’s adjusted EBITDA stood at INR 36.3 Cr in Q1 FY24, while its cash and investments grew 11.2% YoY to INR 4,159.2 Cr as on June 30, 2023.
