JUST DIAL

{ Ticker: 535648 {FV: ₹10 { 52-Week H/L: ₹648/326.10

Flash News Investment - - RECOMMENDATIONS -

We had rec­om­mended Just Dial in Vol­ume No 34 Is­sue No 36 (dated June 25, 2018) when the scrip was trad­ing at Rs 565. Our rec­om­men­da­tion was backed by fac­tors like at­trac­tive val­u­a­tion and high pro­mo­tional spend­ing. In Q1FY18, its rev­enue grew by 11.3 per cent YoY. The EBITDA mar­gin for the quar­ter ex­panded to 27.2 per cent. How­ever, PAT was marginally up by 1 per cent YoY. For FY18, the com­pany had spent Rs 60-65 crore on ad­ver­tis­ing and plans to spend to Rs 100 crore in FY19. It has a wide net­work in tier-I cities and re­sponse from tier-II and tier-III cities is in­creas­ing grad­u­ally. The cam­paigns have helped the com­pany to de­rive higher rev­enue and strong growth. Thus, look­ing at the pos­i­tive prospects, we urge in­vestors to HOLD the scrip.

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