Just Dial sheds early gains, trades lower, despite 37.5% surge in Q2 net profit

According to the investor presentation, traffic (unique users) in Q2FY24 grew 9.7 percent YOY to 17.17 crore users in the September 2023 quarter while the active paid campaigns grew 11.3 percent year on year to Rs 560,830.

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Shares of Just Dial gained 0.5 percent at the open on the NSE on October 23 after the company reported its Q2FY24 results on October 20. But, by 9:30am, the stock had lost nearly 1 percent and traded at Rs 741.

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In a regulatory filing, for the quarter ending September 2023, Just Dial reported a 37.5 percent on-year growth in profit to Rs 71.8 crore for the quarter ended September FY2024, while its revenue grew 27 percent to Rs 260.6 crore and earnings before interest, taxes, depreciation and amortisation (EBITDA) surged 186.3 percent to Rs 48.8 crore. Its EBITDA margin expanded to 18.7 percent for July-September period of FY2024, compared to 8.3 percent for the previous fiscal.

Also read: Just Dial Consolidated September 2023 Net Sales at Rs 260.61 crore, up 26.97% YoY

Just dial is a multi-platform local search engine connecting buyers and sellers. According to the investor presentation, traffic (unique users) in Q2FY24 grew 9.7 percent YoY to 17.17 crore users in the September 2023 quarter, while the active paid campaigns grew 11.3 percent to 560,830.

The Bangalore-based company has coverage in over 11 cities around the country.

Also read: Just Dial says business has recovered from COVID impact; shares up 1.6 percent

In August 2023, during the release of the Annual Report, Just Dial founder VSS Mani spoke about value addition provided by the company to SMEs (small and medium enterprises). According to him, the advantage for the businesses is that Just Dial’s average ticket size is in the range of Rs 18,000-20,000 annually “though it varies by type of business and geographies, making it quite affordable and delivers an optimal cost benefit ratio to SMEs”.  Mani added that they also offer premium listings for customers, which allows them to offer a variety of choices for their customers based on their investment capacity.

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