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Just Dial Ltd.

BSE: 535648 | NSE: JUSTDIAL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE599M01018 | SECTOR: Miscellaneous

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Annual Report

For Year :
2018 2016 2015 2014 2013

Chairman's Speech

Dear Shareholders,

It is a pleasure to share with you our annual report for the fiscal year 2017-18. It was a remarkable year for us as we realigned our focus on the core of our business - Search. The results are encouraging as is reflected in our sound financial and operational performance for the year.


On the domestic front, the Indian economy demonstrated healthy resilience to the challenges caused by the implementation of the monumental reform of Goods and Services Tax (GST). This reform will aid the long-term prospects of our country by accelerating the pace of formalisation of the economy and improving the overall business environment. The economy grew 6.7% during the year and this growth is likely to improve to 7.4% (Source: Reserve Bank of India) in 2018-19 on the back of gradual revival in private investments, normal monsoon and an accommodative monetary policy stance.

The Government of India’s continued push to digitalisation through reforms such as demonetisation and GST, as well as the Digital India initiative augur well for our Company in the long run. Given our dominant position in the online search market, we are well-poised to benefit from these reforms.


There has been a steady rise in the number of people using internet search engines. The growing mobile and internet penetration in the country has been feeding this large appetite for search. According to a report by Internet and Mobile Association of India (IAMAI) and Kantar IMRB, the number of mobile internet users has increased by 17.22% in December 2017 over the previous year to reach 456 million. SMEs, self-employed professionals and freelancers in the country are together estimated at ~75-80 million. With a database of 21.8 million SME listings, Just Dial has about 70-75% of untapped potential in the market.


The fiscal year 2017-18 was a turnaround year for Just Dial. Our approach of going back to our basics,

i.e. the search business, has started yielding rich dividends. During the year, our revenues stood at Rs,781.8 crore, which is a growth of 8.8% over the preceding year. Healthy traction in the number of unique visitors and focus on improving sales productivity were among the key drivers of our top-line during the year. Strong revenues accompanied by elevated focus on achieving higher cost efficiencies fuelled a 50.1% jump in our operating profit to Rs,164.4 crore in the year. Our net profit too grew at a healthy pace of 18% to Rs,143.2 crore during the year.

There was renewed focus on our core business of search during the year, making it smarter and engaging for users. We are adopting a three-pronged strategy of achieving higher growth in the number of users, stepping up monetisation and improving the overall profitability of the Company.

From a monetisation perspective, business originating from Tier II, Tier III and Tier IV cities grew strongly by 33.1% in FY18. These cities contributed about 19% to our revenues during the year. Rapid adoption of digitalisation in these areas has been the catalyst for this stellar growth.

To enrich the user experience further, we keep strengthening our database by adding more local SMEs and cataloguing them into their business categories. Our total listings grew 21.7% during the year to 21.8 million. Additionally, we have driven 41.3% growth in incorporating high-quality images in our database, and 10.9 million listings are now geocoded at building or landmark level, a year-on-year increase of 60%.

During the year, our unique users grew at a quarterly average rate of 32.8%, year-on-year. While the traditional platforms of search, including desktop and voice, continue to engage users, the mobile platform, is leading the growth. Share of mobile platforms has grown to 71% of our traffic by the last quarter of the year.

With rapid increase in smartphone penetration and low data tariffs, mobile is expected to be the dominant medium in the foreseeable future.

Through the year, we have put in a lot of effort in our products to make search smarter and faster. We have been able to cut down time taken to search by 40%, a result of page load optimisation. Additionally, we have been able to position Just Dial as a one-stop destination for all search, shop and social needs of users. We have successfully launched JD Social - which has ratings and reviews, and check-ins of the user’s friends, latest news and trending stories from acclaimed sources, Live TV and more to keep users engaged.

To summarise, we improved our product offerings, technologically upgraded our platforms and realigned our business strategy to provide users with a cohesive value proposition.

We are confident of sustaining the growth momentum witnessed in addition of users, which in turn would attract new SMEs to our platforms. Simultaneously, we would enhance the user experience by strengthening our capabilities for smarter search.

We are committed to make the requisite investments to expand our reach and strengthen our brand.

Just Dial is focussed on delivering better value for money for SMEs, thereby positioning ourselves as a utility-based investment for an SME, and hence retaining our customers for longer periods. Our focus is to add new SMEs, ramp up the number of paid listings and enhance realisations per paid customer by offering them packages that deliver higher value proposition.

We have formed strategic partnerships with leading e-commerce websites and vertical service providers to create a one-stop search destination for users.

In conclusion, I would like to extend heartfelt gratitude to all our stakeholders - users, customers, employees, business partners and shareholders - for their sustained association with us over the years. While our employees are pivotal to our journey, our shareholders have been the key pillars in our growth.

We solicit your continued support.

Warm regards,

V. S. S. Mani

Founder, MD & CEO