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Matrimony.com posts Rs 15.6 cr net profit in Q1FY19, up 5.4% YoY

Matrimony.com Limited, which runs BharatMatrimony has posted its earnings for Q1FY19, the quarter ending June 30, 2018. The Chennai–based company has posted consolidated revenues of Rs 89.6 crore for the quarter, representing a YoY growth of 6.8%.

The Earnings before Interest, Tax and Depreciation (EBITDA) for the quarter stood at Rs 21.2 crore as against Rs 19.7 crore in the same quarter last year, up 7.2%.

Note that this is the company’s third quarterly results after its IPO in September last year.

The company posted a net profit (profit after tax) of Rs 15.6 crore, an increase of 5.4% as compared to net profit of Rs 14.8 crore in the same period last year. On a quarterly basis, the net profit dipped 6% quarter-on-quarter (QoQ) from Rs 16.6 crore in Q4FY18. The company’s CEO Murugavel Janakiraman said that the tough competition in the matchmaking market has impacted Matrimony’s growth. In a statement, he said that business is witnessing an intense competition in the Northern and in some parts of the Western markets. “Deep discount on subscription packages and heightened marketing spend by competition in those market has impacted our overall growth in the matchmaking segment”, he added.

Toward the end of its first quarter of FY19, the company launched a liter version of its mobile app in vernacular options in 8 languages. Besides that, it is also expanding internationally as it is “establishing a wholly owned subsidiary in UAE”. “Coupled with these initiatives and higher marketing spend in the coming quarters; we expect to get back to much healthier growth.” the CEO said in a press statement.

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Segment Results

Matrimony.com’s service segments include matchmaking, and services like MatrimonyMandaps for wedding venue booking, MatrimonyPhotography for wedding photos and videos; MatrimonyBazaar for wedding related products and services such as jewellery, catering, honeymoon packages etc, and MatrimonyDirectory, which basically works like a listings of contacts of wedding-related service and products providers such as wedding planners, caterers, photographers, venues, jewellery etc.

Matchmaking: Revenues this quarter stood at Rs 86 crore as against Rs 79 crore last year, representing growth of 8.8%. The matchmaking EBITDA for the quarter remained almost flat at Rs 27.7 as compared to Rs 26.1 crore in the same quarter last year.

Matrimonial Profiles added in Q1FY19: The company did not disclose the number of profiles this quarter. Last quarter (Q4 FY18) it had added 10 lakh profiles. This quarter it just said that in total number of profile 60% were posted by the prospects themselves, 17% of the profiles were added by parents and 23% of the profiles were by siblings, relatives, and others. The company had acquired secondshaadi.com, an exclusive portal for and combined it with its existing portal divorceematrimony.com in March this year, at that time the deal was subjected to regulatory approvals.

Marriage Services: Posted revenues Rs 3.6 crore, down 28% YoY as compared to Rs 5 crore in the same quarter last year. The company did not share EBITDA this quarter, but said that the marriage services segment “which is in the nascent stage had operational issues” which have been addressed and that this segment is expected to have a healthy growth from Q3 onward as Q2 is historically a lean quarter for marriage services.

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