Matrimony.com Q2 net profit declines 29.3% YoY to Rs 11.7 crore

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Matrimony.com Ltd's net profit dropped by 29.3 percent year-on-year to Rs 11.7 crore in the second quarter of the fiscal year 2022-23 (Q2FY23), as per the consolidated financial results declared by the company on November 10.

In Q2FY22, the online matrimony firm had reported a net profit of Rs 16.57 crore. The numbers for the last quarter, apart from decreasing YoY, were also down sequentially as the company's net during the June 2022 quarter stood at Rs 11.95 crore.

Matrimony.com's revenue, however, climbed to Rs 114.9 crore, which was 4.5 percent higher as against Rs 109 crore clocked in the year-ago period. As compared to the last quarter, the numbers were marginally down by one percent. The revenue during Q1FY23 stood at Rs 116 crore.

In the matchmaking segment, the company recorded a revenue of Rs 112.5 crore in Q2FY23, which marked a growth of 3 percent YoY and a decline of 1.5 percent quarter-on-quarter.

Matrimony.com, in a press release, noted that it added 2.42 lakhs paid subscriptions during the second quarter, which was a decline of 3.5 percent QoQ and a growth of 8.3 percent YoY.

"This quarter has been a subdued quarter due to seasonality. We will continue to leverage our new launches to enhance the momentum and at the same time provide the needed impetus for a better customer experience. This will lead the way for improved overall performance," Murugavel Janakiraman, the company's chairman and managing director, said.