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JustDial revenue flat at Rs 171Cr as headcount woes continue in Q3 FY16

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Directory services company JustDial reported a total revenue of Rs 171.33 crore for the quarter ended December 31, 2015 (Q3 FY16). Total revenues growth was flat and the company reported revenues of Rs 171.27 crore in the preceding quarter. Its revenue remains under pressure as woes with staffing seems to continue this quarter: employee base decreased to 10,198 employees. In the preceding quarter, JustDial’s employee count was at 10,611.

Last quarter, JustDial founder VSS Mani said revenue growth was hit as the company did not make adequate hiring for its sales team. CFO Ramkumar K said the company would be adding 1,000 or more ‘feet on the street’ employees specifically in sales over the next 2-3 quarters. As a result, net profit was down 16.02% y-o-y to Rs 26.99 crore from Rs 32.14 crore in the same quarter last year.

The company conducted 354,900 paid campaigns for advertisers in Q3-FY16, registering a 13% increase in the number of campaigns, as compared with 312,800 campaigns in the same quarter last year. It had reported 349,800 paid campaigns in the preceding quarter, a marginal growth of 1.46%. Campaigns are essentially paid featured listings/recommendations on JustDial’s search.

JustDial’s overall listings grew 9% to 16.1 million in the quarter from 14.7 million listings in the same period last year. On a sequential basis, the company reported overall listings growth of 1.90% from 15.8 million. The company currently has 27 search plus services live on the platform. Total unique visitors (across Voice, PC Internet, Mobile Internet) increased by 13% Y-o-Y to 71.5 million in Q3 FY16.

Financials

– Net profit decreased 16.02% year-on-year to Rs 26.99 crore from Rs 32.14 crore.

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– Adjusted operating EBITDA was Rs 47.52 crore, down 14.58% from Rs 55.63 crore last year.

– Operating EBITDA margin was 28%.

Other developments

In October 2015, in a filing with the Bombay Stock Exchange, JustDial said that it will buy back up to 10,61,499 fully paid-up equity shares of face value of Rs 10 each at a price of Rs 1,550 per equity share.

Earlier in June 2015, JustDial put on hold its Rs 1,000 crore fund raising plan instead opted to buy back shares. The primary objective of the planned fundraise had been acquisitions with a focus on e-commerce. Mani had at the time said that valuations of most companies were much higher than they should be and there were very few companies of substance, hence they put their fund raising plans on the back burner till the market settled down a bit.

Download: Press release | Financials 

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