Shares of Just Dial Ltd. surged nearly 18% to hit 10-year high on Thursday after it reported its highest-ever quarterly revenue and profit in the first quarter.
The local search engine's net profit rose 22% year-on-year to Rs 141 crore in the quarter ended June 2024, according to an exchange filing. Revenue rose 3.8% to Rs 281 crore, while earnings before interest, tax, depreciation, and amortisation, or Ebitda, were at 28.7% versus 26.1%.
Traffic—quarterly unique visitors—in the first quarter stood at 18.13 crore users. Margin growth was led by topline growth and cost efficiencies on employee costs and other expenses.
The company has Rs 4,755.5 crore of cash as of June 30, 2024, up 14.3% on a year-on-year basis. The management is discussing announcing a healthy dividend policy.
The collections growth trajectory has been moderating for the last several quarters, but the company expects it to pick up in the second quarter.
JdMart continues to be a focus area for the company. Meanwhile, watch out for the ramp-up of new initiatives: JD Xperts, JD Shopping, and JD Real Estate
Key levels
Resistance: Rs 1,996 (nine-year high)
Support: Rs 1,028 (two-day low)
Analyst Recommendations
Shares of Just Dial surged 17.86% to nearly 10 year high of Rs 1,220 apiece on the NSE. The previous high of Rs 1,894.7 was recorded on Aug. 5, 2014. It was trading 16.99% higher at Rs 1,211 apiece, compared to a 0.05% advance in the benchmark Nifty 50 as of 10:40 a.m.
The stock has risen 52% in the last 12 months and 50% on a year-to-date basis.
Out of the 10 brokerages tracking the company, seven have 'buy' rating, one recommends a 'hold' and two suggest a 'sell', according to Bloomberg data. The 12-month analysts' consensus price target implies a downside of 0.60%.
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