Just Dial Net loss widens in first quarter despite rising revenue

On July 15, research and discovery company Just Dial announced a net loss of Rs 48.36 crore for the first quarter ended June 30, 2022. During the corresponding quarter last year, the company recorded a net loss of Rs 3.52 crore.

According to the company, the loss was driven by other income, which amounted to Rs 60 crore for the quarter due to market losses (MTM) on the cash portfolio due to a significant increase in bond yields. (135-150 bps QoQ for 2-3 year AAA bonds) during the quarter.

Total revenue stood at Rs 185.60 crore during the period under review, up by 11.5% from Rs 165.41 crore during the corresponding period of the previous financial year.

The company’s operating revenue stood at Rs 185.6 crore, up 12.2% year-on-year and 11.4% quarter-on-quarter. Adjusted operating EBITDA, excluding ESOP expenses, was Rs 11 crore. It has ramped up hiring in critical functions such as technology, content, sales and marketing teams, which has led to increased employee spending, Just Dial said in a regulatory filing.

In the sales department, headcount increased by 4.2% quarter-on-quarter. These investments should result in superior product offerings and higher monetization in the future, the company said.

Deferred revenue stood at Rs 353.4 crore, up 4.5% QoQ and 15% YoY. Sequential growth in deferred revenue (led by 12.2% QoQ growth in collections to Rs 200.9 crore) despite the focus on monthly payment plans is encouraging.

Cash and investments stood at Rs 3,739.6 crore as of June 30, 2022, compared to Rs 1,533 crore as of June 30, 2021 and Rs 3,820.1 crore as of March 31, 2022, it added .

The results fell after the close of market hours.

(This is a developing story. Check back for more details)

(Edited by : Shoma Bhattacharjee)

First post: STI

Ann J. Cox