- 15 May 2024
- ICICI Securities
MATRIMONY.COM LTD: STEADY PERFORMANCE FOR Q4FY24
MATRIMONY - 755 Change: -9.50 (-1.24 %)News: Matrimony’s reported revenue of ₹119.2 crore, up 1.7% QoQ & 4.1% YoY led by revenue recovery in matchmaking services (98% of mix) which grew by 2.4% QoQ & 5.5% YoY to ₹117.7 crore. Marriage services reported a revenue of ₹1.5 crore. ATV increased by 2.4% QoQ to ₹4,424 during the quarter and the company added ~2.7 lakh paid subscribers in Q4. Match making billings grew by 4.5% QoQ to ₹119.2 crore. Matchmaking EBITDA grew by 3.2% QoQ to ₹22.4 crore while Marriage services reported EBITDA loss of ₹2.4 crore. At consolidated level the company reported EBITDA of ₹16.8 crore with an EBITDA margin of 14.1%, flattish QoQ. The company reported PAT of ₹11.7 crore with PAT margin of 9.8% (up ~30 bps QoQ). For FY24 the company reported consolidated revenue of ₹481.4 crore, up 5.6% YoY. The company reported an EBITDA of ₹72.14 crore for FY24 with corresponding EBITDA margin of 15.2%, down 100 bps.
Views: The company reported steady profits for FY24 and added 2.7 lakh paid subscriptions in the matchmaking business during Q4 (growth of 2.1% QoQ and 2.9% YoY). Further, the company expects the same growth momentum to continue as it has been seeing since the past few quarters on the back of steady growth in paid subscriptions, expansion in ATV and launch of various new initiatives like MeraLuv, Elite matrimony and is planning to launch another application "Luv.com" as well to cater to the Next-Gen. It also reiterated its guidance of achieving ₹1,000 crore topline in next 5 years(~16% CAGR).
Impact: Positive