JustDial

The board of directors of directory services company JustDial is considering a proposal to buy back shares and will meet on June 4 to consider the same, the company said in a notification on the Bombay Stock Exchange. The company added that the trading window will be open for 48 hours following the outcome of the meeting.

It is interesting to note that its investor Tiger Global has offloaded its stake in the company thrice this year. Earlier last week, Tiger Global sold 5.37% stake in  JustDial for Rs 408 crore (about $64 million) through open market transactions. Earlier this month, it had sold 2.1% stake in the company for Rs 162 crore, and had shed 3.4% stake for Rs 300 crore in March this year. Tiger Global is also believed to have sold a partial stake during JustDial’s 2013 IPO. Tiger Global had invested about Rs 77 crore in JustDial in 2007 and a further Rs 30 crore in 2009. It’s also worth remembering that JustDial  in October 2014 had said that it is looking at raising $165 million and the share buy back may be aimed at that.

Just Dial’s founders, including chief executive V.S.S. Mani and chief operating officer V. Krishnan, collectively hold 32.78% stake in the company as on March 31. Foreign corporate bodies held 29.53% stake, followed by foreign institutional investors (28.85%), foreign venture capital investors (4.25%) and individual shareholders (2.79%).

Paid campaigns

JustDial conducted 3,31,200 paid campaigns for advertisers for the quarter ending March 31 (Q4-FY15), registering a 26% increase in the number of campaigns, as compared with 2,62,150 campaigns in the same quarter last year. Campaigns are essentially paid featured listings/recommendations on JustDial’s search. JustDial’s overall listings grew to 15 million for the quarter growing 27% from 11.8 million listings in the same period last year. On a sequential basis, the company

JustDial reported an employee base of 9533 employees and currently has 24 search plus services live on the platform. Total income increased to Rs 183.51 crore during the quarter  growing  33.85% from Rs. 137.1 crore in the same quarter last year.

Financials

– Net profit increased 28% year-on-year to Rs 47.16 crore from Rs 34.15 crore.
– Adjusted Operating EBITDA was Rs 51.83 crore, up from Rs 37.38 crore last year. Adjusted Operating EBITDA does not include ESOP expenses incurred during the quarter.
– Operating EBITDA margin was 33%.
– The company has Rs 781 crore in cash and cash equivalents, as compared with Rs 608 crore last year.

Other highlights in the quarter 

–  JustDial is also looking to expand to the Middle East, and its UK website went live in February.

– The company had said that it will launch JD Cash service in April 2015. The service allows merchants to accept payments via its platform.

– Earlier this year, the company introduced a marketplace for selling electronics and white goods to bolster its e-commerce ambitions.

– It’s also developing a cab-hailing app, which will likely be integrated into the Search Plus suite.

Download: Financials | Earnings release