JustDial

After a weak Q3-FY14 in terms of total searches, JustDial seems to have slightly recovered by registering a 5.6% growth to 290.4 million search requests for the quarter ended March 31, 2014, up from 274.9 million search requests in the previous quarter. On a yearly basis, it saw a 38% growth from 210.8 million search requests in the same quarter last year.

The growth was primarily driven by an increase in its mobile Internet searches which grew by 10% sequentially to 78.1 million searches, from 71 million searches in the previous quarter. Year-on-year (YoY), it saw a significant 126% jump from 34.5 million mobile Internet searches. Mobile now represents 12.55% of the company’s total search requests for the quarter.

The PC Internet searches also grew to 176.2 million searches, up 6% quarter-on-quarter (QoQ) from 166.2 million searches in the previous quarter and up 24% YoY. However, what should worry the company that its voice/SMS searches declined by 4.5% quarter-on-quarter (QoQ).

For the year ended March 31, 2014 (FY14), the mobile Internet searches grew by 183% to 263.1 million searches while the PC Internet searches grew by 29% to 709.5 million and voice/SMS searches grew by 9% YoY to 153.1 million searches. Mobile represented around 23.4% of the company’s total searches for the year, doubling from 11.9% share in the previous year.

JustDial Searches

Interestingly though, JustDial hasn’t disclosed the number of visits for the quarter. In the previous quarter, it had reported 51.8 million PC Internet visits and 26 million mobile Internet visits.

Paid Campaigns: The company ran substantially more campaigns in Q4-FY14: 262,150 campaigns for the quarter, up 27% from the same quarter last year and up 5% quarter on quarter. This helped the company grow its operating income by 26% YoY to Rs 124.21 crore. As per our calculations, JustDial makes about Rs 4738.1 per campaign, and this has almost remained flat from YoY but declined 1.33% QoQ.

Listings: As of March 31, 2014, JustDial reported to have around 11.8 million listings, which is up 9.3% from 10.8 million listings sequentially and up 30% from 9.1 million listings in the same quarter last year.

Financials

Net Profit for the company increased by 14.8% QoQ to Rs 34.15 crore, 60% higher than the same quarter last year. The Net Profit margin was 25% in Q4FY14 as compared to 20% in Q4FY13.

The operating income was at Rs 124.21 crore, up 26% YoY. Operating EBIDTA increased by 37% YoY to Rs 37.38 crore while the Operating EBIDTA margin increased to 30% in Q4FY14 as compared to 28% in Q4FY13.

For the year ended March 31, 2014, the net profit increased by 76% to Rs 120.62 crore from Rs 68.48 crore profit in the previous year while the operating income increased by 27% to Rs 461.29 crore from Rs 362.77 crore. Operating EBITDA increased by 41% to Rs 142.2 crore from Rs 100.72 crore in the previous year.

Other highlights

– JustDial had 8,543 employees as of March 31, 2014, down from 8,643 employees in the previous quarter.

– Cash and Investments for the company was at Rs 663 crore at the end of the quarter, up from Rs 608 crore in the previous quarter.