Just Dial stock jumps 8% to hit 52-week high on healthy Q3 results

Analysts at JM Financial retained a ‘buy’ rating on the counter, raising target price to Rs 1,010 per share from Rs 950

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Shares of Just Dial jumped over 8 percent to hit 52-week high of Rs 945.8 per share on January 15 after the company’s net profit surged 22.3 percent year-on-year (YoY) in the December-ended quarter (Q3FY24).

In the past one month, the stock of Just Dial climbed over 13 percent as against 2 percent rise in the benchmark Sensex.

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Just Dial’s operating revenue rose 19.7 percent YoY to Rs 265 crore in Q3FY24, while adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) more-than-doubled on a yearly basis to Rs 60 crore. As a result, EBITDA margins witnessed 1,054 basis points (bps) YoY expansion in Q3FY24 led by topline growth and strong cost controls, both on employee costs and other expenses.

Analysts at JM Financial raised their EBITDA estimates over FY24-26 by 7-11 percent and expect Just Dial’s core profit-after-tax (PAT) to increase by 5x over FY26. The brokerage firm retained a ‘buy’ rating on the counter, raising target price to Rs 1,010 per share from Rs 950.

“We expect the management to reiterate its focus on monetisation of B2B
listings due to better realisation as well as relatively lower threat of disruption from verticals. Accordingly, we postulate the revenue share of B2B campaigns to increase significantly over the next 2-3 years, which would be the key driver of topline growth,” analysts wrote in a post-result review analysis.

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Just Dial provides local search related services to users in India through multiple platforms such as website, mobile apps (Android & iOS), over the telephone, and text (SMS). The company also launched its B2B marketplace platform, JD Mart that enables India’s manufacturers, distributors, wholesalers, retailers to get new customers and sell their products online.

Total traffic for the quarter rose 5.8 percent YoY for Just Dial, while total active listings rose 19 percent YoY, and total ratings and reviews increased by 5.1 percent YoY. Besides that, active paid campaigns grew by 8.6 percent YoY as the management’s focus continues to be on signing up majority of customers on monthly payment plans.

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