Just Dial Q1FY24 results: Revenue and user traffic surge
Just Dial Limited, India’s prominent local search engine platform, released its financial and operating results for the first fiscal quarter ending on June 30, 2023. The results spotlighted a substantial 33.1% year-on-year increase in revenue, reaching ₹ 247.0 Crores.
The company’s Adjusted EBITDA for Q1-FY24 was ₹ 36.3 Crores, presenting an Adjusted EBITDA Margin of 14.7%, a remarkable growth from 5.9% in 1Q-FY23. The net profit for the quarter amounted to ₹ 83.4 Crores, marking a significant turnaround from the ₹ 48.4 Crores loss in 1Q-FY23.
User traffic during the first fiscal quarter of 2024 saw an impressive growth of 15.9% YoY, with 171.4 million users, particularly, mobile traffic increased by 17.5% YoY. The number of active paid campaigns also showed progress, rising by 13.4% YoY, reaching 548,270.
Just Dial’s financial stability was highlighted by its cash and investments position, which stood at ₹ 4,159.2 Crores as of June 30, 2023, up by 11.2% YoY. The first quarter collections of the fiscal year 2024 reached ₹ 259.1 Crores, a growth of 28.9% YoY, resulting in deferred revenue of ₹ 450.3 Crores, an increase of 2.8% QoQ and 27.4% YoY.
In the quarter, Just Dial saw an increase in its total active listings to 38.0 million, marking a 15.8% YoY and 4.1% QoQ growth. Total ratings and reviews at the end of the quarter stood at 144.6 million, up 8.3% YoY, indicating positive customer interaction.
Just Dial’s growth strategy continued to focus on signing up the majority of its customers on monthly payment plans, underlining its ongoing commitment to providing value for its users.