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Yes Securities Report
Overall, Just Dial Ltd. reported mixed performance for the quarter. While revenue growth was inline, the operating margin for the quarter was below expectation.
The pickup in sequential revenue has been achieved with higher investment in sales; and focus on monthly plans. The pickup in the addition of paid campaigns is expected to remain robust in near to medium term.
We expect that Just Dial's Ebitda margin would remain subdued in FY23 before picking up in FY24 as it invests in sales network and content enrichment to put the core business-to-consumer business back on growth trajectory.
The B2C segment continues to face high competition from Google, Facebook and other vertical and horizontal players. The B2B segment is being scaled up and the current focus is to invest in better quality content that will drive traffic flow, leading to better monetisation.
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