Online local business search engine Just Dial Ltd has recorded a 37.2% dip in its net profit for the quarter ended 31 March 2017.
The company posted a net profit of Rs 25.3 crore for the fourth quarter compared with Rs 40.3 crore a year earlier, it said in a statement.
Operating revenues for the fourth quarter grew by 5.9% to Rs 181.7 crore from Rs 171.6 crore in the year-ago period.
Operating revenues increased by 7.6% to Rs 718.6 crore in financial year 2016-17 from Rs 667.7 crore a year earlier.
However, net profit stood at Rs 121.3 crore in FY2016-17 compared with Rs 142.7 crore in FY2015-16.
“We have had another steady quarter. Our focus continues to be on getting the core business back on track. We are seeing encouraging signs post the launch of our ad campaign during the quarter,” said VSS Mani, managing director and CEO of Just Dial.
As of 31 March 2017, the company conducted around 435,360 campaigns for paid advertisers compared with 368,800 campaigns as of 31 March 2016, representing a year-on-year growth of 18%.
The company’s database consisted of approximately 17.9 million listings compared with 16.3 million listings, representing a year-on-year growth of 9.5%.
The firm posted a profit of Rs 27.4 crore for the third quarter compared with Rs 25.9 crore a year earlier. Net profit, however, was lower than the Rs 29.62 crore the company had recorded for the quarter ended 30 September 2016.
Just Dial, which was founded by Mani in 1996, is one of a few digital businesses to get listed on stock exchanges. The firm floated its initial public offering (IPO) three years ago. Its stock price peaked at Rs 1,800 two years ago but has slumped since then.
In October last year, Just Dial’s chief technology officer RV Raman quit the company. He had joined the firm in January 2016.
Just Dial's stock closed 0.84% down at Rs 509.40 apiece on BSE on Friday.