Just Dial Limited Shares Surge 3% as Company Reports Impressive Q1 FY24 Results

Justdial

In a remarkable turn of events, the shares of Just Dial Limited experienced a 3% surge, reaching Rs 858.55 at 9:20 am, following the company’s announcement of its financial and operating results for the first fiscal quarter ending on June 30, 2023. Investors were thrilled as the stock hit a new 52-week high of Rs 879 on July 17, marking a staggering 50% increase from its lows in March.

India’s prominent local search engine firm delivered a stellar performance, reporting a profit of Rs 83.4 crore for the quarter, compared to Rs 48.4 crore in the same period last year. This significant growth was attributed to the company’s robust operational efficiency and strong revenue generation. During the quarter, revenue from operations soared by an impressive 33.1% year over year, amounting to Rs 247 crore. Just Dial also witnessed a substantial increase in traffic, with user numbers surging by 15.9% year over year to reach 171.4 million, and mobile traffic experiencing a remarkable 17.5% surge.

As of June 30, 2023, Just Dial’s Cash and Investments reached an impressive value of Rs 4,159.2 Crore, representing a notable 11.2% year-over-year growth. The company’s commitment to excellence is further evidenced by its Total Active Listings, which reached 38 million in Q1 FY24, marking a substantial growth of 15.8% year over year and 4.1% quarter over quarter. Notably, the database added approximately 15 lakh listings (net) during the quarter, bringing the total geocoded listings to 23.5 million as of June 30, 2023, reflecting a remarkable 20.4% year-over-year increase.

Just Dial also experienced a notable surge in Total Ratings & Reviews, reaching an impressive figure of 144.6 million for Q1 FY24, representing an 8.3% year-over-year growth. Furthermore, the company’s Active Paid Campaigns at the end of the quarter stood at 548,270, marking a substantial increase of 13.4% year over year and 1.9% quarter over quarter. Just Dial remains focused on attracting the majority of its customers to monthly payment plans, demonstrating its commitment to long-term growth and stability.

Investors and market enthusiasts are eagerly observing Just Dial’s remarkable trajectory, with the company’s exceptional Q1 FY24 results signaling a promising future. The firm’s outstanding financial performance and strategic initiatives are positioning it as a key player in India’s thriving digital landscape.