Shares of Just Dial rallied 5.52% in Monday's early trade to hit a new 52-week high of ₹879 apiece, driven by the company's healthy performance in the quarter ending June. However, as the trading day progressed, the stock couldn't sustain its gains, and by 1:00 p.m., it experienced a decline of 2.09% to ₹815.95.
For Q1 FY24, the company reported a consolidated net profit of ₹83.4 crore, a significant turnaround as compared to the net loss of ₹48.4 crore registered in the same period last year. Sequentially, the net profit remains flat.
The revenue from operations during the first quarter of FY24 rose 33% to ₹247 crore from ₹186 crore in Q1FY23. The company reported an EBITDA of ₹37 crore. The EBITDA margin increased to 15%, up by 1000 bps YoY and 100 bps QoQ.
During the quarter, the company's paid campaigns increased by 13.4% to 5,48,270, compared to 4,83,690 campaigns registered in the corresponding quarter of last year. The company's total active listings stood at 38.0 million as of June 30, 2023, an increase of 15.8% YoY and 4.1% QoQ.
1,510,972 listings were added (net) to the database during the quarter. Out of total listings, 23.5 million were geocoded as of June 30, 2023, up 20.4% YoY. Total images in listings stood at 150.2 million, up 22.7% YoY and up 7.9% QoQ, according to company's regulatory filing.
The company stated that the total traffic of unique visitors for the quarter increased by 16% YoY to 171.4 million, with 85.5% of traffic originating on mobile platforms, 10.9% on desktop and PC, and 3.7% on its voice platform.
In addition, the company has higher user engagement, with total ratings & reviews standing at 144.6 million at the end of the quarter, up 8.3% YoY.
Just Dial is a small-cap stock with a market capitalisation of ₹6,926 crore. The company is India's leading Local Search engine that provides local search-related services to users across India through multiple platforms such as the Internet, websites, mobile websites, apps, and more. The company offers services in more than 250 cities, as its website shows.
The company has launched its B2B marketplace platform, JD Mart. The JD Mart platform is aiming at enabling millions of India’s manufacturers, distributors, wholesalers, and retailers to become internet-ready in the post-COVID era.
Just Dial has also recently launched an end-to-end business management solution for SMEs, through which it intends to transition thousands of SMEs to efficiently run businesses online and have an adequate online presence via their own website and mobile site.
Apart from this, Just Dial has also launched JD Pay, a unique solution for quick digital payments for its users and vendors.
Meanwhile, the company's shares witnessed a strong rebound this year after a poor showing in CY22, losing nearly 27% of their value. In CY23 so far, the shares have rallied from ₹600.90 apiece to ₹814.95, resulting in a return of 35.62%.
10 analysts polled by MintGenie on average have a 'buy' call on the stock.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of MintGenie.
