Just Dial (JUSTDIAL) Q4 15/16 earnings summary

Executive summary

• FY2015-16 revenue from operations rose 17.13% YoY to ₹6,908.28mn; PAT increased 2.10% to ₹1,418.02mn, with cost growth weighing on margins.

• The platform reached 16.3mn business listings, 242mn unique visitors and 3.69 lakh paid campaigns; Search Plus expanded beyond local search into transactions.

Financial highlights

• Total income increased 17.33% YoY to ₹7,493.20mn; PBT rose 3.88% to ₹1,979.30mn.

• Other income rose 19.72% to ₹584.91mn, primarily reflecting higher profit on sale of current investments.

• Operating EBITDA after ₹205.55mn ESOP expense was ₹1,705.41mn, with a 24.69% margin; adjusted operating EBITDA was ₹1,958.29mn, up 6.45%, with a 28.35% margin.

• Operating cash flow declined to ₹1,496.95mn from ₹1,846.53mn; diluted EPS rose to ₹19.95 from ₹19.62.

Outlook and guidance

• Strategic priority is to evolve into a one-stop search-and-transact platform, expand SME reach into new cities and enable online and offline sales through JD Omni.

• Search Plus had more than 30 services live; free trials were being used to build adoption before monetization.

• Management cited growth potential from rising internet and smartphone penetration, online payments and mobile commerce; India’s e-commerce market was projected at $120bn by 2020.