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Name of the companyJust DialNotes:
1. Source: Just Dial Annual Reports from FY15 to FY21 | Consolidated Financial Statements
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CMP (Rs.) 713
2. Numbers in blue are input cells
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No. of outstanding shares (crore) 6.2
Equity Capital / FV
3. Yellow cells indicate assumptions
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Market cap. (Rs. crore) 4,412
O/S Shares * CMP
4. P: Provisional and E: Expected
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5. Text in green is user comments
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RestatedRestatedRestated
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P&L (Rs. crore) (March ending)FY15FY16FY17FY18FY19FY20FY21FY22PFY23EFY24EFY24E
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Sale of search related services 588 675 697 768 876 909 648 633
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Sales of other related services - 4 13 8 6 21 18 9
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Other operating revenue 2 13 9 6 9 23 10 5
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Revenue from operations 590 691 719 782 892 953 675 647 761 791 873
From working
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YoY Growth (%)17.1%4.0%8.8%14.0%6.9%-29.2%-4.2%17.6%4.0%10.3%
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Employee cost 309 377 441 442 497 533 443 504 636 705 781
From working
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Advertising and sales promotion 17 25 32 66 58 67 7 65
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Rent 22 22 31 26 25 22 22 20
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Communication costs 21 23 20 19 16 15 15 11
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Internet and server charges 13 21 20 18 20 19 18 19
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Others 42 52 66 46 46 46 36 49
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Total other expenses 115 143 168 176 165 169 98 164 152 142 157
From working
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Operating profit 166 171 110 164 229 251 134 -21 -28 -56 -66
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YoY Growth (%)2.9%-35.8%50.1%39.2%9.7%-46.8%-115.9%30.2%102.9%17.5%
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OPM %28.1%24.7%15.2%21.0%25.7%26.4%19.8%-3.3%-3.6%-7.1%-7.6%
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Other income 49 58 87 66 93 140 150 122 192 200 210
Other Income % * Avg. Liquid Investment
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Depreciation 24 31 40 36 34 31 21 11 46 49 51
Dep. Rate * Avg. GFA
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Finance cost - - - - 0 9 7 7 000
Assume 0
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Business PBT 191 198 156 194 288 352 255 83 118 95 92
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Exceptional items gain/(loss) - - - - - - - - 000
Assume 0
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Reported PBT 191 198 156 194 288 352 255 83 118 95 92
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Current tax 55 55 33 40 60 65 44 0
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Deferred tax -4 2 3 11 21 14 -4 11
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Tax for earlier years 0 - - - - - - 1
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Total tax 52 56 35 51 81 79 40 12 30 24 23
ETR * Reported PBT
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ETR (%)27%28%22%26%28%23%16%15%25%25%25%
Assume current ETR
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0
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Reported PAT 139 142 121 143 207 272 214 71 89 71 69
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Business PAT 139 142 121 143 207 272 214 71 89 71 69
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YoY Growth (%)2.1%-14.4%18.0%44.4%31.6%-21.3%-66.9%25.2%-19.9%-2.4%
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Business EPS (Rs.) 22.4 22.9 19.6 23.1 33.4 44.0 34.6 11.4 14.3 11.5 11.2
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Core earnings (ex-other income) 103 100 54 95 140 164 88 -33 -56 -79 -88
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Core EPS (Rs.) 16.7 16.1 8.7 15.3 22.6 26.5 14.3 -5.3 -9.0 -12.7 -14.2
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BS (Rs. crore) (March ending)FY15FY16FY17FY18FY19FY20FY21FY22PFY23EFY24EFY24E
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Gross fixed assets 171 245 302 329 331 297 433 455 475 505 524
Prev. GFA + Prev. CWIP + Capex - Curr. CWIP
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Accumulated depreciation 78 106 146 180 205 234 295 321 368 417 468
Prev. Acc. Dep + Dep. Expense
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Net fixed assets 92 139 156 149 126 64 138 134 107 88 56
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Capital WIP - - 9 - 6 - - - 20 10 10
(-)Half of Capex
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Liquid investments 773 704 964 1,143 1,291 1,552 1,511 3,798 3,898 4,098 4,298
keep constant. Will revisit at end
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Inventories - - - - - - - - - - -
Inv. Days * Revenue / 365
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Trade receivables - 0 - - - - - - - - -
TR Days * Revenue / 365
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Cash & Bank balances 42 34 53 58 41 40 62 23 115 41 11
Balancing Figure | Take from Cash Flow
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Loans & advances 55 78 16 14 14 15 16 21 21 21 21
Keep Constant
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Other assets 3 3 68 47 71 162 60 57 57 57 57
Keep Constant
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Total assets 965 958 1,265 1,410 1,549 1,832 1,786 4,033 4,218 4,315 4,453
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Share capital 70 69 70 67 65 65 62 84 84 84 84
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Reserves & surplus 603 602 836 912 934 1,223 1,202 3,403 3,491 3,562 3,632
Prev. R&S + PAT
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Shareholder's Equity | Networth 673 671 905 979 999 1,288 1,264 3,486 3,575 3,646 3,715
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Long term debt - - - - 3 - - - - - - Keep 0
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Short term debt - - - - 1 - - - - - - Keep 0
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Total debt - - - - 4 - - - - - -
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Trade payables 14 20 14 21 30 25 15 15 17 18 20
TP Days * Revenue / 365
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Other liabilities 277 266 347 410 516 520 508 532 626 651 718
Prev. Value / Prev. Revenue * Curr. Revenue
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 - Unearned revenue 201 211 274 333 405 336 330 338
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Total liabilities 965 958 1,266 1,410 1,549 1,832 1,786 4,033 4,218 4,315 4,453
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Check - - - - - - - - - - -
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CF (Rs. crore) (March ending)FY15FY16FY17FY18FY19FY20FY21FY22PFY23EFY24EFY24E
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PBT 191 198 156 194 288 352 255 83 118 95 92
From P&L
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Depreciation 24 31 40 35 33 52 42 30 46 49 51
From P&L
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Non Operating Income -13 -17 -21 -23 -88 -137 -144 -119 -192 -200 -210
(-) From P&L
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Others -19 -13 -46 -23 16 24 38 25 - - - Keep 0
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Operating profit before WC changes 182 200 130 183 248 290 190 19 -28 -56 -66
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(Consumption)/ Release of WC 59 7 29 88 80 -70 -2 23 96 26 69
(Prev. Curr. Assets + Curr. Current Liab) - (Curr. Curr. Assets + Prev. Curr. Liab.)
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Cash generated from Operations 241 207 158 271 328 221 188 43 68 -30 3
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Taxes paid -56 -57 -22 -45 -52 -68 -49 -4 -30 -24 -23
(-) From P&L
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Net CFO 185 150 136 226 276 153 139 39 39 -54 -21
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Capex -68 -95 -32 -21 -16 -2 -4 -15 -40 -20 -19 Imp
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Sale / (purchase) of investments -112 103 -107 -139 -84 -147 155 -2,195 -100 -200 -200
Prev. Investments - Curr. Investments
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Non Operating Income 13 17 21 23 88 23 23 23 192 200 210
From P&L
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Others 8 -2 1 0 -64 -0 - - - - - Keep 0
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Net cash flow from investing activities
 -158 23 -118 -137 -77 -127 174 -2,187 52 -20 -9
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