Just Dial Ltd - Both revenue and EBITDA below expectation. PAT boosted by higher other income - YES Securities

• Reported revenue of Rs 1,560 mn (down 5.7% QoQ) led by 4% QoQ decline in the number of paid campaigns to 430.7k as MSMEs continue to face the adverse impact of 2nd Covid wave.
• Reported EBITDA of Rs 159 mn (below expectation on account of lower revenue) in the quarter compared to EBITDA loss of Rs 172 mn in Q1FY22.
• PAT was boosted by higher other income of Rs 356 mn(22% of sales) on account of higher cash with the company.
• Total listing grew by 0.4 mn QoQ to 31 mn.
• Number of paid campaigns declined by 7.1k QoQ to 430.7k.
• On positive note, the total number of unique visitors grew by 20% QoQ to 149.5mn
• Cash and equivalent with the company increased from 15.3bn to Rs 37.7 bn QoQ, led by fund infusion by Reliance Retail.
• The number of salesforce team declined by 110 QoQ to 6,825.
• Overall, the performance was below expctation both in terms of financial and operating metrics as it continues to face high competition from Google, Facebook and other vertical and horizontal players. We currently have REDUCE Rating on the stock.

Shares of Just Dial Limited was last trading in BSE at Rs. 820.00 as compared to the previous close of Rs. 867.30. The total number of shares traded during the day was 89018 in over 9219 trades.

The stock hit an intraday high of Rs. 885.00 and intraday low of 798.00. The net turnover during the day was Rs. 73581183.00.

Source : Equity Bulls

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JustDial INE599M01018 Publishing YESSecurities