Justdial, the hyperlocal search engine, reveals a stellar performance in Q3 FY24, showcasing a 22.3% YoY surge in consolidated net profit and a robust rise in operating revenue, highlighting its continued growth in the competitive digital landscape.
Profitability Highlights
In the third quarter of the financial year 2023-24, Justdial achieved a commendable 22.3% YoY increase in consolidated net profit, reaching INR 92 Cr. This marks a significant uptick compared to the INR 75.3 Cr profit recorded during the same period in the previous fiscal year. Notably, the net profit also rose by 28.12% from INR 71.8 Cr in the preceding quarter.
Operational Revenue Growth
Justdial’s operating revenue demonstrated robust growth, surging by 19.7% to INR 265 Cr in Q3 FY24, compared to INR 221.4 Cr in the corresponding quarter of the previous year. On a quarter-on-quarter basis, the operating revenue saw a 1.7% increase from INR 260.6 Cr in the three-month period ending September 2023.
Diverse Revenue Streams
The company’s income from other sources witnessed a 5.1% YoY rise, totaling INR 74.9 Cr in the quarter under review. Justdial attributed this increase primarily to market-to-market (MTM) gains on the treasury portfolio and interest income on tax-free bonds. Justdial generates revenue through various channels, including paid advertisements, premium listing packages, banners, payment features, and more.
Financial Position and Investments
Justdial’s EBITDA exhibited a robust increase of 122.8%, reaching INR 60.4 Cr in Q3 FY24 from INR 27.1 Cr in the same period the previous year. The company’s cash and other investments stood at INR 4,405.3 Cr at the end of December 2023, compared to INR 3,934.4 Cr a year ago.
Operational Metrics
Key operational metrics reflected positive trends for Justdial. Total expenses in Q3 FY24 stood at INR 218.9 Cr, representing a 6.8% increase from INR 204.9 Cr in Q3 FY23. Employee benefit expenses constituted over 81% of total expenses, rising 6.6% YoY to INR 178.5 Cr in Q3 FY24.
Justdial observed an 18.8% YoY increase in total active listings, reaching 41.6 Mn at the end of December 2023. Additionally, the platform witnessed a net addition of 1.4 Mn listings during the quarter. The number of active paid campaigns on the platform increased by 8.6% YoY to 5.66 Lakh.
User Engagement and Platform Traffic
The number of unique visitors to Justdial’s platforms rose by 5.8% to 165.9 Mn in Q3 FY24, compared to 156.8 Mn in the same period the previous fiscal year. The majority of traffic originated from mobile devices (85.2%), followed by desktops (11.4%) and the voice platform (3.4%). However, app downloads declined by 2.1% YoY to 7,660 during the period under review.
Justdial’s Q3 financial results underscore its resilience and growth trajectory, positioning the hyperlocal search engine as a key player in the digital marketplace.
