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ICICI Securities Report
Matrimony.com Ltd. revenues were flattish sequentially in Q1 FY25. However, reducing competitive intensity in the segment and cost control measures aided the 261 basis points QoQ Ebitda margin improvement.
Management has guided for subdued revenue growth in Q2 FY25, given weak billings growth in Q1 FY25. However, management is hopeful of recovery in revenue growth from Q3 FY25.
Management is also looking at expanding into relationship astrology with an app called Match Astro (currently in beta phase), which we think could be relevant in the Indian context. They will also launch their serious dating app, Luv.com, by Q2 FY25.
We maintain 'Add' given signs of improvement in profitability and relatively inexpensive valuation.
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