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  • 21 Apr 2025
  • ICICIdirect Research

JUST DIAL REPORTED REVENUE OF ₹289.2 CRORE

JUSTDIAL - 952 Change: 15.85 (1.69 %)

News: Just Dial reported revenue of ₹289.2 crore, up 0.7% QoQ & 7% YoY in Q4FY25. Absolute EBITDA for the quarter stood at ₹86.1 crore, down 0.6% QoQ while EBITDA margins came at 29.8%, down 30 bps QoQ, due to higher other expenses which grew by 2.6% QoQ. PAT (including other income of ₹109 crore) stood at ₹157.6 crore, up 20% QoQ. Paid campaigns grew by 2% QoQ and 5% YoY to 613.2k, with average pricing per paid campaign decreasing by 1.4% QoQ to ₹4,716. The company's cash and investments, stood at ₹5,278.6 crore, up 4.2% QoQ. For FY25, the revenue stood at ₹1,142 crore, up 9.5% YoY. EBITDA for the year stood at ₹335.4 crore, up 55% YoY, translating to an EBITDA margin of 29.4%, up ~860 bps YoY. PAT for the year stood at ₹584.2 crore, up 61% YoY.

View: Just Dial reported a modest sequential uptick in revenue, with slightly weaker margins QoQ on a high base. A significant portion of the bottom-line growth was driven by non-operating income, which is owing to high cash levels. The company’s focused merchant acquisition strategy continues to yield results, enabling deeper penetration across urban and semi-urban markets and driving growth in paid listings. That said, the decline in average pricing per paid campaign after three consecutive quarters of increase warrants monitoring. While user engagement remains strong with quarterly unique visitors reaching 191.3 million in Q4, an 11.8% YoY growth, we look forward to management’s commentary on capital allocation plans for its sizeable cash reserves, as well as its outlook on sustaining margins and driving long-term growth.

Impact: Neutral