Sounds like JustDial needs some help tracking visitors on the mobile: During its conference call, the company’s management said that they’re unable to track unique visitors on the mobile because IP addresses through mobile gateways are not static. Non-app user traffic monitoring is a challenge, the company said. In our opinion, this might be a problem when tracking unique visitors, but surely it shouldn’t prevent the company from assessing mobile visits. This quarter, JustDial stopped disclosing the number of visits on mobile, web and via voice/sms, so we only have old data to contend work with:

Search Parameters

1. Search per visit

JustDial - Search per visit

2. Income per search: With the total number of search queries going up, JustDial’s income per search appears to be on the decline. That said, the company’s income has increased substantially. Note that this calculation also incorporates any revenues JustDial might have earned via transactions, since the company does not disclose transaction income details separately, as yet.

Also please keep in mind that JustDial might have mistakenly disclosed number of visits as number of search queries for Q1-FY14. To that end, we have not considered search related operational information for our calculations, as they appear to be a statistical anomaly.

JustDial - Income per search

3. Search patterns: There is a clear increase in total number of searches coming from mobile, which explains the challenge that JustDial is facing regarding identification of their mobile user base. The switch to mobile is becoming tricky, but for JustDial it doesn’t really appear to be a switch: queries are growing for the company on voice/SMS, the web and the mobile, even as the growth of mobile is massive.

Justdial - search patterns

Justdial - search patterns 2

 

Mobile now accounts for 26.9% of total search queries.

4. Search per listing: Do the number of listings impact search queries? While the total number of listings increased to 9.1 million 11.8 million in Q4 FY14, the number of queries increased from 210.8 million to 290.4 million during the same period. The number of queries per listing has increased marginally, to 23.16 per listing to 24.16, but note that over the last two quarters, the number of listings has increased substantially (1.7 million), and number of queries has remained flat (and Q3 was a weak quarter from a search perspective).

JustDial - search per listing

Financials

5. Revenue, Expenses and Profit: JustDial has show consistent growth in both revenues and profits, making more money each quarter, than the last. It’s expenses have been rising as well, but were more or less flat quarter on quarter.

JustDial - Financials

6. Employee Costs: Employee costs rose for the company, despite a decline in employee base: Employee costs, as a percentage of total costs, peaked at 70.5% in Q2-FY14.

JustDial - employee costs

JustDial - employee costs 2

 

Campaigns and Listings

7. Campaigns per listing: Have more listings resulted in more campaigns? While the number of campaigns have increased substantially, as have listings, there doesn’t appear to be a direct correlation between number of campaigns and the number of listings. The seasonality of advertising spends might have influenced the number of campaigns more than the number of listings.

JustDial - Campaigns per listing

 

Income per listing

8. Earnings per listing: The amount made by the company per listing has sipped drastically in the last quarter to Q1-FY13 levels, despite a steady increase in the number of listings. Paid campaigns have also been rising, but the company seems to be charging lower for each campaign than it did a year back.

JustDial - Income per listing

JustDial - Income per campaign

Corrigendum: An earlier version of this post mentioned employee costs as percentage of revenue, instead of percentage of total costs. The error is regretted.