Just Dial’s net loss widens to Rs 48 cr in the first quarter of FY23

On a consolidated basis, Just Dial recorded a net loss of Rs 48.36 crore in Q1 FY23 compared to a net loss of Rs 3.52 crore in Q1 FY22.

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.

Net sales stood at Rs 185.60 crore for the quarter ended June 30, 2022 against Rs 165.41 crore during the same period of the previous year, registering a growth of 12.2%. On a sequential basis, net sales increased by 11.4% to Rs 185.60 crore in the first quarter of FY23 compared to the first quarter of FY22.

The company reported a pre-tax loss of Rs 59.84 crore in Q1 FY23 compared to a pre-tax loss of Rs 4.39 crore recorded in Q1 FY21. Total expenditure increased by 3.71% to Rs 185.45 crore in the first quarter of FY23 compared to the first quarter of FY22.

Adjusted operating EBITDA excluding ESOP expenses stood at Rs 11 crore in Q1 FY23 compared to Rs -10 crore in Q1 FY22 and Rs -8 crore in Q4 FY22.

The company has ramped up hiring in critical functions such as technology, content, sales and marketing teams, which has led to increased employee spending. In the sales department, the workforce 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.

Total traffic (unique visitors) for the quarter was 147.9 million, up 19.1% year-on-year and 2.1% quarter-on-quarter. 84.3% of traffic came from mobile platforms, 11.3% from desktop/PC and 4.4% from our voice platform.

Total active listings were 32.8 million as of June 30, 2022, an increase of 7.4% year-over-year and 2.8% quarter-on-quarter. 907,228 registrations were added (net) to the database during the quarter. Of the total number of listings, 19.5 million listings were geocoded as of June 30, 2022, up 11.8% year-on-year. The total number of images in ads was 122.5 million, up 15.1% year-on-year and 4% quarter-on-quarter.

The total number of ratings and reviews stood at 133.5 million at the end of the quarter, up 11.3% year-on-year.

Active paid campaigns at the end of the quarter were 483,690, up 10.5% year-on-year and 4.8% quarter-on-quarter. The robust addition of 22,195 paid campaigns for the quarter was led by an aggressive focus on selling monthly payment plans.

Just Dial provides local search related services to users in India through multiple platforms such as desktop/PC website, mobile site, mobile apps (Android and iOS), phone (voice, Pan Indian number 88888-88888) and text (SMS). The latest version of JD App’s Justdial is an all-in-one app, packed with features like map-assisted search, live TV, videos, stock quotes, and more.

Shares of Just Dial rose 0.85% to close at Rs 577.80 on Friday, July 15, 2022.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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