Just Dial Q2 profit rises 26%, revenue up 4%
Photo Credit: Mukul Mudgal

Online local business search engine Just Dial Ltd posted a net profit of Rs 37.46 crore for the quarter ended September, clocking 26% year-on-year growth over Rs 29.62 crore in the same period last year, according to stock-exchange filings made by company.

Revenue came in at Rs 214.52 crore, up around 4% from Rs 206.33 crore in the year prior.

However, on a sequential basis, the company saw a marginal decline in both revenue and profit. During the quarter ended June, it had reported a revenue of Rs 216.65 crore and a net profit of Rs 38.16 crore.

Separately, the company informed the exchanges that its board has approved issuance of 32,206 equity shares at a face value of Rs 10 to select employees.

The Just Dial stock was marginally up at Rs 477.95 on the BSE on Monday. The quarterly financial results were announced after the market hours.

The stock has seen sharp fluctuations over the past one year. Its price slumped to Rs 319 in December last year, and peaked at Rs 619 in March before losing steam again and touching a low of Rs 330 in August.

Just Dial, which was valued a staggering $1.8 billion in January 2014, has seen its value erode sharply and revenue plateau over the years.

With search giant Google pretty much addressing the demand for finding local businesses, and local services like UrbanClap and HouseJoy claiming the remainder of the market, Just Dial seems to have lost its niche.

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