Matrimony Q4: PAT Rises 2.9% YoY To INR 11.7 Cr

SUMMARY

PAT increased 5.6% QoQ from INR 11.1 Cr reported in Q3 FY24

Matrimony’s operating revenue increased 4.1% YoY and 1.7% QoQ to INR 119.2 Cr in Q4 FY24

Its board recommended a final dividend of INR 5 per equity for its shareholders

Listed matrimonial startup Matrimony.com reported a 2.9% growth in its consolidated profit after tax (PAT) to INR 11.7 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24) from INR 11.4 Cr posted in the prior year’s quarter.

However, this was a 5.6% rise from INR 11.1 Cr PAT reported in the previous quarter – Q3 FY24.

The company’s operating revenue increased 4.1% year-on-year (YoY) and 1.7% quarter-on-quarter (QoQ) to INR 119.2 Cr in Q4 FY24. In that, revenue from matchmaking services rose 5.5% YoY to INR 117.7 Cr.

Meanwhile, Matrimony’s revenue from the marriage services segment declined over 47% YoY to INR 1.5 Cr in the reported quarter.

Matrimony chairman and MD Murugavel Janakiraman said that the platform’s overall paid subscriptions crossed the milestone of over 1 Mn in the quarter.

“This is an outcome of our focused initiatives on segmentation and customer-centric measures in enhancing the product,” said Janakiraman, adding that the momentum is expected to continue in FY25.

Overall, the company’s consolidated billing stood at INR 479 Cr in FY24, registering a 4.6% rise YoY.

Matrimony’s PAT stood at INR 49.6 Cr in FY24 on an operating revenue of INR 481.4 Cr.

The company also launched an exclusive dating app for Indian Americans, MeraLuv, in FY24. Besides, it launched elite matrimony kiosks across 3 Indian city airports – Chennai, Bengaluru, and Delhi.

We must note that Matrimony’s total expenses saw a 4% rise YoY to about INR 111 Cr in Q4 FY24. Ad and business promotion expenses witnessed an almost 5% increase YoY to INR 48.8 Cr.

However, the company managed to lower its employee benefit expenses by 4.4% YoY to INR 33.4 Cr in the reported quarter.

The company’s board also recommended a final dividend of INR 5 per equity for its shareholders.

Earlier this year, in the battle between Google and Indian startups, Google Play had delisted some leading apps from its Android app store for flouting its user choice billing system, which included the apps of Matrimony. Janakiraman had then told Inc42, that over 100 of its apps were deleted.

Matrimony in its FY24 results filing said that after the company’s apps were delisted from the Google Play Store on March 01, it changed its business model. However, all the Matrimony apps were restored in the Play Store on March 6, 2024.

Shares of Matrimony ended Tuesday’s (May 14) trading session 1.9% lower at INR 531.35 on the BSE.