- 18 Jul 2024
- ICICI Securities
JUST DIAL: STRONG Q1, POISED FOR A HEALTHY GROWTH AHEAD, CASH OVERHANG REMAINS
JUSTDIAL - 982 Change: -3.40 (-0.35 %)News: Just Dial reported revenue of ₹ 280.57 crore, up 3.8% QoQ & 13.6% YoY in Q1FY25. EBITDA margin of the company improved by ~257 bps QoQ to 28.7% during the quarter due to flattish employee costs, down 0.3% QoQ and tightly controlled other expenses, which although increased by 3.2% QoQ, declined by 2.5% YoY. EBITDA came at ₹ 80.6 crore while PAT came at ₹ 141.2 crore, up 69.3% YoY. Paid campaigns of the company increased by 1.4% QoQ & 7.9% YoY to 591.7K while avg. pricing per paid campaign expanded by 2.4% QoQ to ₹ 4,742. The Cash & Investments as on 30 June 2024 stood at ₹ 4,755.5 crore, up 14.3% YoY.
Views: The company reported strong numbers in the quarter with a growth of 13.6% in revenues on the back of higher paid campaigns (+8k campaigns during the quarter) along with an increase in the price per paid campaign. The margins improved significantly during the quarter due to operating leverage coupled with cost control. The cash balance now stands at ~55% of the market cap. of the company and the company is yet to decide on the utilisation/distribution of its cash balance. We maintain a positive view on the company.
Impact: Positive