Just Dial (JUSTDIAL) Q4 18/19 earnings summary

Executive summary

• FY19 was described as a turnaround year, with healthy financial and operating growth, stronger Tier II/III traction, and continued investment in user experience and SME monetisation.

• Revenue rose 14.0% YoY to ₹891.5 crore; adjusted Operating EBITDA increased 37.2% to ₹246.8 crore, with a 27.7% adjusted margin.

Financial highlights

• Operating revenue increased 14.0% to ₹891.5 crore from ₹781.8 crore; total income rose 16.1% to ₹984.5 crore.

• PBT rose 48.6% to ₹288.1 crore and PAT increased 44.4% to ₹206.8 crore; reported basic EPS was ₹30.95 vs ₹20.97.

• Operating cash flow reached ₹276.2 crore, up from ₹226.1 crore; free operating cash flow was ₹259.6 crore, up 26.6% YoY.

• Other income increased 41.1% to ₹93.0 crore; other expenses declined 5.9% to ₹165.4 crore, partly reflecting lower advertising spend and cost efficiencies.

Outlook and guidance

• Expected steady revenue and profitability growth, supported by platform upgrades, marketing and branding investment, and expansion of the feet-on-street sales force.

• Priorities include user growth and engagement, monetising core search while developing Search Plus and JD Omni, and improving profitability through automation and employee productivity.

• Tier II/III cities contributed 25.3% of revenue; affordable pricing was maintained, with potential to raise prices as these markets develop.