Matrimony Q3 PAT Slips To INR 11.1 Cr, Revenue Declines 3.6% QoQ

Listed matrimonial startup Matrimony.com saw its consolidated profit after tax (PAT) decline 11.3% quarter-on-quarter (QoQ) and 4.3% year-on-year (YoY) to INR 11.1 Cr in the third quarter of the financial year 2023-24 (FY24).

The company had reported a PAT of INR 11.6 Cr in the year-ago quarter and INR 12.53 Cr in the September quarter of 2023. 

Operating revenue rose 6.2% to INR 117.3 Cr in Q3 FY24 from INR 110.38 Cr in the year-ago quarter. However, it declined 3.6% QoQ from INR 121.60 Cr.

Commenting on the results, Matrimony managing director and chairman Murugavel Janakiraman said, “We are working on various enhancements and also new initiatives. These ongoing measures are expected to provide the desired momentum in the coming quarters.” 

The company operates multiple matrimonial brands, including BharatMatrimony, CommunityMatrimony and EliteMatrimony. Its matchmaking services account for the largest portion of its total revenue. 

The revenue raked in by matchmaking services rose 6.7% to INR 114.9 Cr during the quarter under review from INR 107.76 Cr in Q3 FY23. However, it declined 3.5% sequentially from INR 119.16 Cr.

Matrimony said it added 2.6 Lakh paid subscriptions for the service during the quarter under review.

The startup continued to witness a very minute revenue contribution by its other business vertical, marriage services, in the quarter. It made INR 2.3 Cr from this vertical, down 10.1% from INR 2.6 Cr in the same quarter last year. 

Matrimony’s total expenditure declined 2.1% to INR 109.17 Cr from previous quarter’s INR 111.58 Cr.  

Advertisement and promotional activities accounted for the largest chunk of expense. Advertising costs stood at INR 46.45 Cr in Q3 FY24, 1.9% lower from INR 47.33 Cr in the previous quarter.  

Employee benefits expenses also witnessed a QoQ decline of 7.3% to INR 32.97 Cr from INR 35.59 in the previous quarter. The startup’s ‘other expenses’ stood at INR 21.23 Cr during the quarter. 

Shares of Matrimony ended today’s trading session 1.03% lower at INR 528.35 on the BSE.

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