Just Dial (JUSTDIAL) Q1 24/25 earnings summary

Executive summary

• Operating revenue for Q1 FY25 was INR 2,806 million, up 13.6% year-over-year and 3.8% sequentially.

• Net profit for Q1 FY25 was INR 1,412 million, up 69.3% year-over-year, with a net profit margin of 38.4%.

• EBITDA margin reached 28.7%, a 260 bps sequential and 13.9 percentage point year-over-year improvement.

• Unique visitors reached 181.3 million, up 5.7% year-over-year and 6.0% sequentially.

• Active paid campaigns rose 8% year-over-year to 591,600.

Financial highlights

• Adjusted EBITDA (excluding ESOP expenses) was INR 807 million, up 122.4% year-over-year, with margin at 28.8%.

• Deferred revenue grew 11.1% year-over-year to INR 5,001 million.

• Other income was INR 869 million, with treasury yield to maturity at 7.2%.

• Cash and investments stood at INR 47,555 million, up 14.3% year-over-year and 2.8% sequentially.

• Employee expenses declined 5.3% year-over-year; employee count declined 14.7% year-over-year to 13,112.

Outlook and guidance

• Management targets mid-teens+ top-line growth and 25%+ EBITDA margins, with no explicit quarterly guidance.

• Margins are expected to be sustainable, with possible minor quarterly volatility due to advertising or team expansion.

• Effective tax rate for FY25 estimated at 8.2% due to deferred tax reversal; long-term rate expected at 18%-20%.

• Focus remains on expanding SME reach, enhancing technology, and growing paid campaigns.

• No forward-looking guidance or outlook was provided in the reviewed results.