Online Matchmaking Portal Matrimony Recorded 75.1% Y-O-Y Increase In Its Net Profit In Quarter Ended 31 Dec, 2017
Online matchmaking platform Matrimony has announced a 15.4% Y-O-Y increase in its revenue, reaching $13.06 Mn (INR 83.66 Cr) for the quarter ended 31st December 2017.
The earnings release stated that the company has posted a growth of 7.8% with its Earnings before Interest, Tax and Depreciation (EBITDA) reaching $2.37 Mn (INR 17.38 Cr) for the quarter.
Furthermore, the Profit before Tax and exceptional items for Q3 2017 were at $2.6 Mn (INR 16.69 Cr), showcasing a Y-o-Y growth of 27%. The consolidated Net Profit for the company was recorded at $3.59 Mn (INR 23 Cr) at a Y-O-Y growth of 75.1%.
Murugavel Janakiraman, Managing Director, and CEO said, “Matchmaking business witnessed a growth of 16.2% against the corresponding quarter of the previous year in free registrations and with the increased marketing spends in Q3, the revenue is expected to improve over the next few quarters”.
Recommended For You:
This includes the one time receipt of $2 Mn (INR 12.82 Cr) from Janakiraman towards the obligation he had as per the terms of the agreement between defendants of the litigation in the US.
Other highlights from the company’s results include:
- Matchmaking segment witnessed 14% Y-O-Y growth reaching $12.4 Mn (INR 79.73 Cr)
- 9.5 Lakh profiles were added in Q3 2017, of which 61% were posted by the prospects themselves, 17% of the profiles were added by parents and 22% of the profiles were by siblings, relatives and others.
- Total success stories for the company till Q3 were 78,000.
- EDITDA for the Q3 noticed 16% growth on Y-O-Y basis reaching $3.9 Mn
- Nikhil N Khattau, who was representing the investor Mayfield XII, Mauritius Ltd, has resigned from the Board, consequent to the public listing of the Company.
A Quick Look At Matrimony And Online Matchmaking In India
Launched in 2001, Matrimony is one of the oldest online matchmaking platforms which has diversified its businesses catering to the Indian wedding market. In September 2017, the company went for an IPO and prior to that Matrimony had secured $35.3 Mn (225.9 Cr) from anchor investors, including Smallcap World Fund, HDFC Trustee Company, Baring Private Equity India, BNP Paribas Arbitrage, Goldman Sachs India, and DB International (Asia).
In April 2016, Matrimony had launched a private messenger for couples called a 2gether app. Matrimony has also areas such as MatrimonyPhotography, MatrimonyBazaar, MatrimonyMandaps, and CommunityMatrimony, a consortium of over 300 community matrimony websites. However, the leading business for it remains Bharat Matrimony.
In the matchmaking business, Matrimony competes with the likes of Shaadi.com, Times Group’s SimplyMarry and Info Edge-owned Jeevansaathi.
A report quoted KPMG as saying that India’s annual spending on marriage-related services stands at $57 Bn and there lies a group of more than 100 Mn unmarried Indians aged between 18 and 35.
In the online matchmaking business, companies such as TrulyMadly, Tinder, Happn, Woo, Aisle etc are currently dominating. A Ken research of 2016 that the online matchmaking industry revenues are expected to be worth $318 Mn (INR 20.6 Bn) by 2020.