Shares of Just Dial Ltd gained 3% following the announcement of its Q1 results. The company reported a profit of Rs 83.4 crore for the quarter ended June FY24, a significant turnaround from a loss of Rs 48.4 crore in the same period last year. This impressive performance was driven by robust operating performance and strong revenue growth. Just Dial, the market leader in India's local search engine segment, offers platform-agnostic local search-related services across the country.
Just Dial Ltd shares rose to Rs 858.55 on July 13, indicating investor confidence in the company's financial and operating results. The stock even hit a new 52-week high at Rs 879 on July 17, marking a remarkable increase of around 50% from its March lows.
In Q1 FY24, the company's revenue from operations grew by 33.1% year-on-year to reach Rs 247 crore. This growth was supported by a 15.9% increase in overall traffic, with 171.4 million users accessing the platform, and a 17.5% rise in mobile traffic. Just Dial's cash and investments also witnessed a positive trajectory, standing at Rs 4,159.2 crore as of June 30, 2023, reflecting an 11.2% year-on-year growth.
The company's total active listings reached 38 million in Q1 FY24, showing a 15.8% year-on-year increase and a 4.1% quarter-on-quarter growth. Approximately 15 lakh listings were added to the database during the quarter. Out of the total listings, 23.5 million were geocoded as of June 30, 2023, indicating a robust 20.4% year-on-year growth. Moreover, the total ratings and reviews reached 144.6 million, representing an 8.3% year-on-year increase.
Just Dial also observed growth in its active paid campaigns, which stood at 548,270 at the end of the June quarter. This reflects a 13.4% year-on-year rise and a 1.9% quarter-on-quarter increase. The company remains focused on signing up a majority of customers on monthly payment plans.
With its strong financial performance and continued growth momentum, Just Dial is well-positioned in the local search engine segment. Investors have responded positively to the company's Q1 results, driving the share price higher. As Just Dial continues to enhance its offerings and expand its customer base, it aims to maintain its leadership position in India's local search market.
