- 18 Apr 2024
- ICICI Securities
DECENT PERFORMANCE IN Q4, CASH BALANCE UTILIZATION STILL UNCLEAR
News: Just Dial reported revenue of ₹ 270.3 crore, up 2% QoQ & 16.2% YoY in Q4FY24. EBITDA margin of the company improved by 340 bps QoQ to 26.2% during the quarter due to moderation of employee cost which declined by 2.9% QoQ. EBITDA came at ₹ 58.9 crore while PAT came at ₹ 115.7 crore, up 38.4% YoY. Paid campaigns of the company increased by 3% QoQ & 8.4% YoY to 583.7K while avg. pricing per campaign declined by 1% QoQ to ₹ 4,630. For FY24 the company reported revenue of ₹ 1,042.9 crore, up 23.5%. The company’s reported EBITDA of ₹ 216.6 crore while EBITDA margin came at 20.8% compared to 10.2% in FY23. The company reported PAT of ₹ 362.9 crore in FY24 and the Cash & Investments at March 24 was at ₹ 4,625.4 crore.
Views: The company reported decent results in the quarter and ended the fiscal year with a strong 20%+ revenue growth. The company’s margins also improved significantly during the year however the major overhang of Cash balance still remains. The cash balance now stands at ~60% of the market cap. of the company.
Impact: Neutral