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BharatMatrimony’s September quarter profit rises 64%

Matrimony.com Ltd, which owns online match-making firm BharatMatrimony, on Thursday said it reported a consolidated net profit of Rs 19.16 crore for the quarter ended September, up 64% from Rs 11.69 crore a year ago.

Consolidated revenue came in at Rs 83.7 crore, 13% higher than Rs 73.61 crore in the same quarter last year, the company said.

EBITDA (earnings before interest, taxes, depreciation and amortisation) margin expanded to 24.6% during the quarter from 20.1% in the year-ago period.

"Business is witnessing healthy double-digit growth with improved EBITDA margins, leading to higher cash flows," Murugavel Janakiraman, founder and managing director of Matrimony.com, said.

This is the company's first quarterly result following its IPO two months ago. At Rs 859.30 apiece on the BSE, the Matrimony.com stock is trading below its debut price of Rs 985.

The company has also announced certain board-level changes. Founder and MD Janakiraman will take over as chairman as CK Ranganathan has relinquished the post. Ranganathan will continue as an independent director on the board. Also, Vishal V Gupta and Avneet Singh Kochar, representatives of Bessemer Ventures and JP Morgan’s CMDB II, respectively, have resigned from the board following the company's public listing.

The company said it added 8.7 lakh profiles during the quarter, and as many as 52,000 successful matchmaking stories have been reported to it in the first half of the financial year.

Apart from matchmaking, the company also has a nascent marriage services business.

Matrimony.com reported 61% growth in net profit in the first half of the fiscal at Rs 34 crore, against Rs 21 crore a year ago. Revenue for the first half stood at Rs 167.52 crore, up 15% from Rs 144.98 crore in the year-ago period.

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