Matrimony.com reported a profit of INR 12.53 Cr in Q2 FY24, down 11.58% QoQ but up 6.97% YoY
The startup saw its operating revenue reach INR 121.60 Cr in Q2 FY24, down 1.36% compared to the previous quarter and up 5.86% from the year-ago quarter
The revenue from matchmaking services climbed 5.95% YoY from INR 112.47 Cr but declined 1.15% from INR 120.55 Cr reported in the previous quarter
Listed matrimonial startup Matrimony.com’s consolidated profit after tax (PAT) rose 6.97% to INR 12.53 Cr during the second quarter of the financial year 2023-24 (FY24) from INR 11.71 Cr in the year-ago quarter.
On a quarter-on-quarter (QoQ) basis, the company’s PAT declined 11.58% from INR 14.17 Cr.
The company, which operates multiple matrimonial brands including BharatMatrimony, CommunityMatrimony and EliteMatrimony, saw its operating revenue rise 5.86% year-on-year (YoY) to INR 121.60 Cr in Q2 FY24. On a QoQ basis, it declined 1.36% from INR 123.28 Cr.
Commenting on the Q2 performance, Matrimony chairman and MD Murugavel Janakiraman said, “Despite Q2 being a seasonal quarter we have shown growth in revenue and profits on a y/y basis. We have launched a transformed BharatMatrimony platform, delivering enhanced user interface and functionality including connecting matches over shared interests. We expect this initiative will add further value to our customers”.
Matchmaking Services Lead Revenue Charge: The listed matrimonial startup saw matchmaking services contributing the most to its top line, as the segment saw a revenue of INR 119.16 Cr during the quarter under review.
The revenue from matchmaking services climbed 5.95% year-on-year (YoY) to INR 112.47 Cr but declined 1.15% from INR 120.55 Cr reported in the previous quarter.
At the same time, marriage services contributed INR 2.43 Cr to Matrimony.com’s total revenue in Q2 FY24, down 11% from INR 2.73 Cr in Q1 FY24 and 1.67% higher than INR 2.39 Cr in the year-ago quarter (Q2 FY23).
While matchmaking services were a hugely profitable segment for Matrimony.com, marriage services remained largely loss-making. This trend comes down to the mostly fragmented marriage management industry in India, where family and venue staff end up taking the most charge of the celebrations.
Zooming In On Matrimony’s Expenses
Matrimony.com reported a total expenditure of INR 111.58 Cr during Q2 FY24, up marginally from INR 111.23 Cr reported in Q1 FY24 and up 5.73% from INR 105.53 Cr reported during the year-ago quarter.
The biggest cost was advertising and other promotional activities. During Q2 FY24, Matrimony.com spent INR 47.33 Cr on advertising and promotional activities, up 6.96% QoQ from INR 44.25 Cr and up 4.53% YoY from INR 45.28 Cr.
Employee benefits expenses fell 5.49% QoQ to INR 35.60 Cr during the quarter under review from INR 37.67 Cr. On a YoY basis, employee expenses rose 2.06% from INR 36.35 Cr.
Matrimony.com also reported INR 20.53 Cr as ‘other expenses’ during the quarter under review, though it did not provide a breakdown of the same in its filings with the BSE.
The Chennai-based startup also said that it has overhauled the BharatMatrimony platform. “Transformed the BharatMatrimony app and website, delivering an enhanced user interface and functionality,” the startup said.
Matrimony.com added that the new app and website features a user-friendly dashboard, personalised match listings, daily recommendations, a streamlined mailbox, interactive chat, and detailed profile views.
Shares of the matrimonial startup ended Thursday’s (November 9) session 0.92% lower at INR 572.45 apiece.