Just Dial stock zooms as Street cheers strong Q4 show

Just Dial share price: Just Dial shares zoomed on Tuesday after the local search engine platform reported a strong set of quarterly results. The Just Dial stock jumped as much as seven per cent to Rs 696.7 apiece on BSE.

The stock held on to much of its intraday gains at midday, trading in high volumes. At 12:25 pm, Just Dial shares were up 4.1 per cent at Rs 676.2 apiece on the bourse. As many as 1.6 lakh Just Dial shares changed hands on the exchange, as against a daily average of 14,000 recorded in the past two weeks, according to provisional exchange data.  

After market hours on Monday, Just Dial reported growth of 39.5 per ecent in revenue to Rs 232.5 crore for the quarter ended March 2023 compared with the corresponding period a year ago. Its quarterly net profit increased 2.8 times to Rs 83.8 crore, according to a regulatory filing.

Just Dial said its traffic in terms of quarterly unique visitors for the March quarter stood at 159.3 million users.

Since its acquisition by Reliance Retail Ventures Limited (RRVL) – the retail arm of the Reliance Industries conglomerate – in July 2021, the search engine company has witnessed growth in profit almost every year.

Just Dial ended the financial year 2022-23 with a 130 per cent jump in net profit to Rs 162.7 crore.

Elara Capital initiated coverage on Just Dial with a ‘buy’ rating and a target price of Rs 825 apiece, implying a potential upside of 27 per cent. The brokerage is positive on the company citing an attractive valuation, improving margin and the strategic advantage from RRVL parentage.

Just Dial is a search engine, morphing into a B2C/B2B app aggregator for buyers/suppliers, serving mostly MSMEs.

Just Dial shares have lost about 21 per cent of their value in the last one year, a period in the Nifty headline index has risen three per cent. In 2023 so far, Just Dial shares have risen almost 14 per cent.

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