Matrimony.com (MATRIMONY) Q4 20/21 earnings summary

Executive summary

• FY21 consolidated revenue rose 1.63% YoY to Rs 37,787.90 lakh; EBITDA increased 25.99% to Rs 7,058.10 lakh and PAT rose 38.05% to Rs 4,077.39 lakh.

• Matchmaking recovered after a pandemic-hit Q1, posting YoY double-digit growth in each of the final three quarters; paid subscriptions grew 18.86% to 8.37 lakh.

• Wedding services revenue fell sharply amid lockdowns, but losses narrowed through operational efficiencies and a shift toward subscription-based vendor monetization.

Financial highlights

• Consolidated revenue from operations was Rs 37,787.90 lakh, up 1.63% YoY; total expenses declined 2.20% to Rs 31,034.64 lakh.

• EBITDA increased 25.99% to Rs 7,058.10 lakh; PBT rose 37.32% to Rs 5,365.93 lakh and PAT rose 38.05% to Rs 4,077.39 lakh.

• Consolidated basic EPS was Rs 17.90 versus Rs 12.99 in FY20; diluted EPS was Rs 17.88 versus Rs 12.95.

• Matchmaking billings grew 7.45% YoY to Rs 3,832 Mn; paid subscriptions rose 18.86% to 0.84 Mn, while ATV fell 9.54% to Rs 4,578.

• Marketing expense increased to Rs 1,372.83 lakh from Rs 1,034.34 lakh; employee benefit expense declined to Rs 1,272.59 lakh from Rs 1,534.64 lakh.

Outlook and guidance

• FY22 priorities include evaluating vernacular products and selected global markets, enhancing personalized services, investing in differentiated products and technology, and building North and West momentum.

• Matchmaking growth prospects are supported by internet and mobile penetration, a large unmarried population, and cultural acceptance of arranged marriages; plans include continued product, process, brand and Tier 2/3 investment.

• The second COVID-19 wave created uncertainty; prolonged restrictions could constrain operations and employee morale, while wedding-services momentum may remain subdued.