Justdial posts 16% drop in profit, shares fall
Justdial's total income from operations grew 10.95% to `171.3 crore in the quarter
Mumbai: Shares of local search engine Justdial on Thursday plunged 8.5% as the company reported 16% decline in net profit for the quarter ended 31 December. The stock slumped 8.50% to settle at ₹ 717.95 on BSE.
During the day, it dipped 9.11% to ₹ 713.10 - its 52-week low. At NSE, shares of the company tanked 6.86% to end at ₹ 731.10. The company lost ₹ 468 crore to ₹ 5,062.98 crore in market valuation. In terms of volume, 4.29 lakh shares of the company changed hands at BSE and over 26 lakh shares were traded at NSE during the day.
Justdial on Thursday reported 16% decline in net profit to ₹ 27 crore for the October-December quarter of the current fiscal due to sharp increase in expenses. The company had reported a net profit of ₹ 32 crore in the same quarter a year ago. Justdial’s total income from operations grew 10.95% to ₹ 171.3 crore in the quarter under review as against ₹ 154.4 crore a year ago, it said in a BSE filing.
Its overall expenses stood at ₹ 142 crore, up 28.60%, compared with ₹ 110.4 crore in the third quarter of the previous fiscal.
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