Online classifieds and e-commerce company Justdial has reported a net profit of Rs 38.5 crore for the quarter ended 30th June 2018 (Q1 FY19). Profit was marginally up 1% on a year-on-year (YoY) basis, and down 1.1% on a quarter-on-quarter (QoQ) basis. Other income stood at Rs 8.2 crore for the quarter, down 69% from Rs 26.6 crore in the same quarter last year. The company said that the dip is due to increase in bond yields in Q1-FY19 resulting in mark-to-market losses on long-maturity investments (such as tax-free bonds among others) in its investment portfolio.

Operating revenue stood at Rs 211.4 crore, showing a growth of 11.3% YoY and 5.5% QoQ. Operating EBITDA was at Rs 57.4 crore and witnessed a growth of 76.7% YoY and of 25.5% QoQ. Operating EBITDA Margin at 29.5% grew 985bps YoY and 511bps QoQ.

Justdial’s unearned revenue stood at Rs 371 crore as on June 30, 2018, up 28% YoY and 11.5% QoQ. Unearned revenue is money received by the company for a service or product that has yet to be fulfilled. It can be thought of as “prepayment” for goods and services.

Paid campaigns

JustDial had conducted 452,900 paid campaigns for advertisers during the quarter, up 4% YoY and up 1.8% QoQ.

Divide the operating revenue by the number of campaigns, and it appears JustDial made Rs 4667.6 per paid campaign, up from Rs 4504.5 per paid campaign in the same quarter last year. Campaigns are essentially paid featured listings/recommendations on JustDial’s search.

Total listings on Justdial were 22.7 million, up 20.7% YoY, adding around 943,367 listings during the period. Of these listings, 11.8 million were with geocodes, up 51.3% YoY. Total images in listings stood at 47.9 million, up 34.7% YoY and up 6.9% QoQ. Total Ratings & Reviews stood at 85.1 million at the end of the quarter, up 16.3% YoY.

Traffic and app downloads

Unique Visitors for the quarter stood at 125.2 million, up 24.6% YoY and 12.2% QoQ.
Traffic from Mobile stood at  92.3 million, up 47.3% and 16.9% QoQ. This accounted for 73.7% of the total traffic share.
Traffic from Desktop stood at 23.5 million, down 15.9% YoY and down 1.9% QoQ. This accounted for 18.8% of the total traffic share.
Traffic from voice stood at 9.4 million, down 5.2% YoY and, up 8.9 % QoQ. This accounted for 7.5% of the total traffic share.
Total app downloads at the end of 30th June 2018 stood at 20.8 million, up 34.9 % YoY and 4.7% QoQ. Average 14,351 app downloads per day witnessed during the quarter.

Share buyback

The board of directors of the company has approved a proposal for Buyback of Equity Shares of the Company for an aggregate amount not exceeding Rs 220 crore at a price not exceeding Rs 800 per equity Share from all existing shareholders of the company. The transaction is subject to approval by the shareholders and other statutory approvals.

JustDial’s Omni business

JustDial hasn’t yet released data for its Omni business, an inventory management product it introduced to help small businesses manage their online and offline sales. In the Q3FY17, CEO VSS Mani had said that JustDial is putting a hold on the Omni business and will concentrate its efforts on its core search product.

Employees

JustDial’s employee count increased to 12,281 from 11,262, up by 9% from the same quarter last year. Sequentially, increased by 7.2% from last quarter.

Download: Press release | Financials | Presentation