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Matrimony.com posts Rs 15.6 cr net profit in Q1FY19, up 5.4% YoY

Matrimony.com Limited, which runs BharatMatrimony has posted its earnings for Q1FY19, the quarter ending June 30, 2018. The Chennai–based company has posted consolidated revenues of Rs 89.6 crore for the quarter, representing a YoY growth of 6.8%.The Earnings before Interest, Tax and Depreciation (EBITDA) for the quarter stood at Rs 21.2 crore as against Rs 19.7 crore in the same quarter last year, up 7.2%.Note that this is the company’s third quarterly results after its IPO in September last year. The company posted a net profit (profit after tax) of Rs 15.6 crore, an increase of 5.4% as compared to net profit of Rs 14.8 crore in the same period last year. On a quarterly basis, the net profit dipped 6% quarter-on-quarter (QoQ) from Rs 16.6 crore in Q4FY18. The company’s CEO Murugavel Janakiraman said that the tough competition in the matchmaking market has impacted Matrimony's growth. In a statement, he said that business is witnessing an intense competition in the Northern and in some parts of the Western markets. "Deep discount on subscription packages and heightened marketing spend by competition in those market has impacted our overall growth in the matchmaking segment", he added.Toward the end of its first quarter of FY19, the company launched a liter version of its mobile app in vernacular options in 8 languages. Besides that, it is also expanding internationally as it is "establishing a wholly owned subsidiary in UAE". "Coupled with these initiatives and higher marketing spend in the coming quarters; we expect to get back to much…

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