Just Dial Ltd Management Discussions

Economic overview

Global economic overview

The global economy progressed on a slow but steady recovery path in FY 2024-25, though growth remained uneven and below pre-pandemic levels, weighed down by structural challenges, geopolitical tensions, and trade disruptions. Advanced economies saw moderate expansion, while emerging markets remained the primary drivers of global growth, led prominently by India. Heightened trade barriers, fragile demand, and global uncertainties continued to shape a cautious economic outlook.

According to the International Monetary Fund (IMF), global GDP expanded by 3.2% in 2024, with a projected slowdown to 2.8% in 2025, followed by a marginal uptick to 3.0% in 2026. This revised outlook reflects the impact of rising trade protectionism, subdued global demand, and climate-related challenges. Inflation is easing globally, supported by tighter monetary policies and softening commodity prices, with projections of 4.2% in 2025 and 3.5% in 2026.

Advanced economies are expected to remain on a low- growth trajectory due to high debt, sluggish productivity, and demographic pressures. Growth in the United States is forecast to be moderate amid tighter financial conditions, while the Euro Area continues to face weak consumer demand and elevated energy costs.

In contrast, Emerging Market and Developing Economies (EMDEs) remain resilient, although growth is expected to soften slightly in 2025 due to global trade headwinds. Among EMDEs, India continues to stand out, driven by strong domestic demand, infrastructure investments, and digitalisation. The IMF forecasts Indias GDP growth at 6.2% in 2025, increasing to 6.3% in 2026, positioning the country as a major contributor to global economic growth.

Despite moderating inflation, risks to the global outlook remain significant. These include escalating geopolitical tensions, trade fragmentation, commodity market volatility, and climate-related disruptions. Structural challenges such as elevated public debt and slow productivity gains also weigh on medium-term prospects.

Against this backdrop, emerging markets and digital-led sectors offer targeted growth opportunities. For Just Dial, Indias economic resilience and continued focus on digital infrastructure, inclusive growth, and MSME development create a favourable environment to scale platform engagement, drive regional market expansion, and deepen MSME integration in the evolving global context.

Global GDP growth outlook (% change, real GDP)

Region / Country	2024 (Estimate)	2025 (Forecast)	2026 (Forecast)
World	3.2%	2.8%	3.0%
Advanced Economies	1.7%	1.5%	1.8%
• United States	2.8%	1.8%	1.7%
• Euro Area	0.9%	0.8%	1.2%
Emerging & Developing Economies (EMDEs)	4.2%	3.8%	3.9%
• China	4.8%	4.0%	4.0%
• India	6.5%	6.2%	6.3%

Source: IMF World Economic Outlook, April 2024; updates from January and April 2025.

2.8%

Annual global GDP growth in FY 2025-26

Indian economy review

India remained the fastest-growing major economy in FY 2024-25, with GDP growth of 6.5%, supported by strong private consumption, macroeconomic stability, and robust performance across key sectors. Growth was especially strong in Q4 FY 2025 at 7.4%, highlighting the economys resilience amid global headwinds.

The IMF has projected Indias growth at 6.2% for FY 2025-26 and 6.3% in FY 2026-27, reflecting cautious optimism due to evolving global trade uncertainties.

Inflation moderated significantly to 3.34% by March 2025, enabling the RBI to reduce the repo rate to 6.00% in April 2025, supporting domestic demand through an accommodative monetary policy.

The Union Budget for 2025-26 focused on inclusive growth, increasing allocations to MSMEs (231.68 billion) and enhancing credit access for startups and exporting MSMEs. Higher investments in digital infrastructure, urban development, and manufacturing under the PLI scheme and integration, and strengthen presence across emerging BharatTradeNet are expected to spur further growth. regional markets.

Key sectors driving the economy included:

• Agriculture, aided by the PM Dhan-Dhaanya Krishi Yojana, is sustaining rural demand.

• Manufacturing and exports, benefiting from policy incentives and infrastructure upgrades.

• Services and digital economy, with strong momentum in e-commerce, fintech, and local services.

Despite a favourable domestic outlook, risks persist from global trade fragmentation, commodity price volatility, and climate-related disruptions.

Indias consistent growth, rising digital adoption, and MSME- focused policies present strong opportunities for digital services. Just Dial is well-positioned to leverage these trends through platform expansion, deeper MSME engagement, and enhanced presence in Tier 2 and Tier 3 markets.

Indian economy outlook

India continues to lead global growth, with the IMF projecting real GDP growth at 6.2% for FY 2025-26, supported by robust domestic demand, macroeconomic stability, and rising infrastructure investment. Despite global trade uncertainties, Indias growth remains well above the global average of 2.8%, reaffirming its position as the fastest- growing major economy.

Inflation moderated to 3.34% in March 2025, the lowest since 2019, enabling the RBI to reduce the repo rate to 6.00% in April 2025, followed by a further cut to 5.50% in June 2025. These rate cuts, along with supportive fiscal policies, are enhancing credit access and stimulating consumption and investment.

Government initiatives such as PM GatiShakti and Production-Linked Incentive (PLI) schemes continue to boost productivity, exports, and digital infrastructure. Indias external position remains stable, with strong forex reserves and a moderate current account deficit ~(1.3%) of GDP, ensuring macroeconomic resilience.

Amid global headwinds, Indias policy continuity, digital transformation, and structural reforms provide a conducive environment for business growth. For Just Dial, this translates into opportunities to expand digital services, deepen MSME

India - Real GDP growth outlook (%)

Source: IMF World Economic Outlook (April 2025), PIB, NSO India

6.2% annually

Domestic GDP growth forecast FY 2025-26

Industry overview

Telecommunication and internet services

Indias telecommunications sector continues to be a core enabler of the digital economy, with strong growth driven by rising connectivity, expanding data infrastructure, and digital inclusion initiatives. As of March 2025, total telephone subscribers reached 1,200.8 million, with an overall teledensity of 85.04%. Urban teledensity stood at 131.45%, while rural teledensity improved to 59.06%, underscoring significant growth potential in non-urban markets.

India is the second-largest internet market globally, with 969.1 million internet users as of March 2025. Broadband connections totalled 944.12 million, predominantly wireless (902.74 million), reflecting widespread mobile internet adoption. Growth has been fuelled by affordable data, increasing 4G and 5G coverage, and rising smartphone penetration.

The 5G rollout reached 779 districts, supported by over 460,000 base stations, and the BharatNet initiative has connected 214,000 Gram Panchayats through 692,000 km of optical fibre, enhancing rural internet access.

Indias data centre capacity is projected to grow from 950 MW in 2024 to over 1,800-2,000 MW by FY 2026-27, backed by 100% FDI. The sector contributed approximately 6% to GDP in FY 2024-25. While telecom revenue is expected to moderate due to fewer spectrum auctions, average revenue per user (ARPU) is rising (225-230 expected in FY 2025-26), and tower investments of 210 billion are planned for rural expansion.

Fiscal Year	GDP Growth
FY 2024-25	6.5
FY 2025-26	6.2
FY 2026-27	6.3

Highlights of telecom subscription data

The expansion of digital infrastructure and mobile internet access, particularly in semi-urban and rural India, offers significant opportunities for Just Dial to scale its platform, enhance MSME integration, and broaden reach. Rising digital consumption, public-private investments, and continued 5G rollout support deeper customer engagement and service expansion across Indias evolving connectivity landscape.

Source: TRAI Performance Indicator Report, September 2024, IAMAI- Kantar ICUBE 2025 Report, Department of Telecommunications, Government of India

Key enablers of sector growth Digital infrastructure development

Indias digital infrastructure continues to expand rapidly, strengthening the foundation of the digital economy. The speedy deployment of 5G networks across the country, supported by a growing number of base stations, makes it one of the fastest rollouts globally. Affordable data and smartphones have driven widespread digital access, especially in non-urban areas.

Government-led initiatives such as BharatNet have connected over 214,000 Gram Panchayats via 692,000 km of optical fibre, significantly bridging rural connectivity gaps. Public platforms like UMANG now serve 65 million users, enhancing access to e-governance services.

The Digital India programme, built on Aadhaar, mobile, and cloud infrastructure, continues to drive inclusion and has elevated Indias position in the UN E-Government Development Index since 2014.

Digital consumption is strong, with 83% of internet users engaging with OTT content, alongside rising use of communication, gaming, and social media platforms. The growing 5G footprint is improving speed, latency, and enabling enterprise-grade applications.

Digital Infrastructure - Key metrics at a glance

Particulars	Total
5G network base stations (count)	460,000
BharatNet optic fibre coverage (km)	692,000
BharatNet Gram Panchayat coverage (count)	214,000
Indias data centre capacity in 2024 (megawatt)	950
UMANG paltform users (million)	65

Expanding digital infrastructure, especially in Tier 2-4 markets, presents significant growth opportunities for Just Dial. The surge in OTT and mobile content consumption supports deeper platform engagement and MSME integration. Rural broadband expansion via BharatNet and increased adoption of public digital platforms enable Just Dial to drive inclusive digital services aligned with Indias evolving connectivity landscape.

Rise in digital consumption

The sector continues to benefit from rising digital consumption, led by increased adoption of OTT platforms, online gaming, e-commerce, and digital payments. Liberalised FDI norms, allowing 100% foreign ownership, have attracted significant capital inflows, driving innovation and competition. Meanwhile, Indias emergence as a regional data centre hub is supporting surging demand for cloud and edge computing, with capacity projected to rise from 1,150 MW in 2024 to over 2,000 MW by FY 2026-27.

Source: KPMG India, Digital Bharat Report-2024, CRISIL-2024

Private sector investment

Private sector investments remain a key growth driver, with telecom tower operators planning to invest H210 billion in FY 2025-26 to strengthen network densification and last-mile connectivity. The entry of satellite broadband players such as Starlink and JioSpaceFiber is expanding coverage in remote and underserved regions, with the market projected to grow at a 36% CAGR to $1.9 billion by 2030. Coupled with rising internet penetration and a supportive regulatory environment, these developments reinforce the sectors long-term growth trajectory, particularly across semi-urban and rural India.

Source: EY India-2024

Particulars	Total
Total telephone subscribers (million)	1,200.80
Rural telephone subscribers (million)	534.69
Urban telephone subscribers (million)	666.11
Overall teledensity (%)	85.04
Urban teledensity (%)	131.45
Rural teledensity (%)	59.06
Share of urban subscribers (%)	55.47
Share of rural subscribers (%)	44.53
Broadband connections (million)	944.12

As on March 31, 2025

Source: TRAI

Smartphone penetration and digital payments

Indias smartphone market is projected to reach 234.5 million units by 2028, with revenues estimated at US$48.2 billion in 2025, growing at a CAGR of 6.89%. Affordable smartphones continue to play a pivotal role in driving digital inclusion across Tier 2-5 markets. India also leads globally in real-time digital payments, with UPI accounting for nearly 85% of all digital transactions as of July, 2025. Additionally, public platforms like GeM are enhancing MSME participation in government procurement, fostering greater transparency and inclusivity.

FDI and sectoral stability

The telecom sector continues to attract 100% FDI under the automatic route, supported by a liberalised policy framework, strong demand fundamentals, and an evolving regulatory environment that encourages infrastructure development and private sector participation.

MSME sector

The MSME sector in India serves as a vital foundation of the economy, comprising over 63 million businesses and contributing nearly 30% to the GDP. As of December 2024, more than 57 million MSMEs have registered on the Udyam portal, showcasing the sectors vast scope.

This sector is a significant provider of jobs, employing over 110 million people across manufacturing, trade, and services. Notably, between October 2023 and September 2024, small businesses generated around 11 million jobs, bringing total employment to 120.6 million.

Moreover, MSMEs play a critical role in Indias export market, accounting for 45.79% of total exports as of May 2024, with exports rising from 395 billion in 2020-21 to 123.9 billion in FY 2024-25. The Indian government has launched various initiatives to bolster the MSME sector, including the MSME Champions Scheme, the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), and the Prime Ministers Employment Generation Programme (PMEGP).

Additionally, the PM Vishwakarma Scheme, introduced in September 2023, aims to support traditional artisans and craftspeople, with over 2.37 million applicants registered by November 2024. Regionally, Uttar Pradesh and West Bengal have emerged as significant MSME hubs, with Uttar Pradesh hosting around 9.6 million MSME units, contributing about 46% to the states exports and providing jobs for over 16.5 million individuals. West Bengal closely follows with 8.87 million enterprises, representing 14% of Indias total MSMEs.

Source: Press information Bureau, IBEF

Key MSME sectoral metrics

63 Mn+

Enterprises nationwide

120.6 Mn

Total employment generated

30%

GDP contribution

6.1%

Manufacturing contribution to GDP

24.6%

Services contribution to GDP

45.8%

Exports contribution to GDP

Source: PIB

Digitalisation and formalisation

Indias MSME sector is undergoing a major digital transformation, driven by initiatives like Udyam, GeM, and TReDS. Public procurement participation has increased, with over 1.3 million sellers on GeM. The adoption of digital payments, cloud solutions, and e-invoicing is improving operational efficiency. Government programmes such as PM Vishwakarma and Digital Saksham are also encouraging digital integration in traditional and informal businesses.

Key announcements for MSMEs

The Union Budget 2025-26 reinforces the governments focus on empowering MSMEs with the following targeted measures:

• 200 billion additional credit under CGTMSE

• 500 billion equity infusion via the Self-Reliant India Fund

• 60 billion for the RAMP programme (Raising and Accelerating MSME Performance)

• 221.4 billion allocation for technology and cluster development

The government also aims to strengthen digital procurement through GeM, enhance credit access via fintech partnerships, and provide dedicated infrastructure support.

Skilling, credit, and global integration

MSMEs continue to benefit from platforms like TReDS (Trade Receivables Discounting System), which alleviates working

capital pressures. Additionally, digital lending platforms, alternative credit scoring, and expanded skilling programmes enable micro-entrepreneurs to scale sustainably.

Strategic outlook

With increased internet access, formalisation, and strong policy support, Indias MSMEs are well-positioned to contribute to the $5 trillion economic vision. Key strategies include enhancing global market integration for economic resilience, adopting ESG practices, and leveraging digital innovations for sustainable growth. Supporting women-led and rural enterprises is crucial for inclusivity and development. The sectors growth will be driven by deeper digital integration, better access to formal financing, and expanded public procurement platforms. Advanced technologies like AI, cloud computing, and data analytics are set to transform MSME operations, improving scalability and competitiveness. Regional diversification and sector-specific innovations, particularly in Tier 2-5 markets, will create new

growth opportunities. Ongoing policy reforms and targeted skill development will strengthen workforce capabilities and sector resilience. This dynamic landscape presents a significant opportunity for Just Dial to accelerate the digitisation and growth of MSMEs across Indias diverse economy.

Source: GrabOn, IAMAI-Kantar Report-2024, PIB, Statista, UN E-Government Rankings, TOI Bureau, IBEF, MSME Ministry, Economic Times

Business overview

Just Dial Limited is Indias leading local search engine company. It provides localised services through mobile apps for Android and iOS, a website for mobile and desktop, a pan-India telephone support number at 88888-88888. Its primary mission is to empower millions of MSMEs in India across products and services to become internet-ready, enhance their online presence, and connect them to potential buyers / users.

190.4 Mn	48.8 Mn	613,290	152.6 Mn
Average quarterly unique visitors (in FY 2024-25)	Active listings (as on March 31, 2025)	Active paid campaigns (as on March 31, 2025)	Ratings and reviews (as on March 31, 2025)

Our offerings JD App

Our Android and iOS applications are designed for efficient business discovery, leveraging user ratings, geolocation, and personalised recommendations. Each business profile provides detailed information, including price ranges, social media links, amenities, and services. Users can post inquiries for quick responses, fostering engagement. Additionally, the apps feature a diverse content library with movies, news, and sports to enhance the user experience.

JD Mart

JD Mart is a B2B marketplace tailored for small and medium-sized enterprises (SMEs). It optimises online marketing for manufacturers, suppliers, wholesalers, distributors, exporters, importers, and retailers. It enables businesses to showcase digital product catalogues, enhancing Indias digital ecosystem, particularly for SMEs. Buyers can access various quality vendors, streamlining their B2B procurement. Integrated with Justdial, JD Mart offers a unified search experience and is accessible via its web interface at and dedicated apps for Android and iOS.

Value-added services and features of JD Mart

• Interactive content featuring videos, images, descriptions, specifications, pricing, and digital catalogues enhances user experience. A digital catalogue carousel showcases extensive offerings, while related category tags like ‘Trending and ‘Most searched aid buyer decision-making.

• Personalised homepages are based on search history, business type, and communication tools for email inquiries, calls, and chats. Buyers can use the Request for Quotes (RFQ) feature for bulk or individual product inquiries.

• Sellers benefit from onboarding tools such as catalogue management and lead tracking. Analytics provide insights on listing performance, and trust-inducing tags like ‘Verified and ‘Trust enhance buyer confidence. Additionally, 24/7 support is available for queries and complaints.

JD Omni

JD Omni provides cloud-based solutions for SMEs focused on digital transformation. Our offerings allow business owners to create customisable, transaction-ready websites with seamless integration of third-party services. The user-friendly software features easy installation and extensive customisation options, including a cloud-based point-of-sale system, inventory management tools, CRM capabilities, and website development resources.

Online self sign-up

Our online self sign-up programme enables businesses to launch campaigns directly on JD / JD Mart, enhancing our digital sales and customer acquisition strategy. This initiative complements our skilled sales team and taps into the rising demand for do-it-yourself (DIY) solutions among modern consumers.

JD Ratings

The JD Ratings tool provides a mobile-verified, unbiased platform for ratings and reviews. It features intelligent tagging, photo uploads, and a five-point rating scale, facilitating effective feedback collection for SMEs. The tool also enables businesses to respond to reviews, fostering better engagement between users and companies.

JD Analytics

The JD Analytics dashboard provides vital insights into customer interactions, consolidating leads from multiple channels and offering real-time alerts for missed opportunities. It manages review responses and analyses competitive trends, capturing detailed customer feedback, including the customers voice. Additionally, it streamlines access to customer support, serving as an efficient, integrated solution for data-driven decision-making.

JD Business

Just Dial has introduced JD Business, a centralised interface within the JD app to streamline merchant listing management. This platform allows businesses to efficiently update phone numbers, WhatsApp contacts, operating hours, holiday schedules, multimedia content, promotional deals, categories, catalogues, invoices, GST input credits, and KYC documentation. It also provides insights into profile scores with actionable improvement steps, enabling merchants to manage multiple listings and enhance operational efficiency effectively.

JD Pay

JD Pay delivers an efficient platform for swift digital transactions, enhancing convenience for both merchants and consumers. It offers a secure payment interface and utilises unified QR codes for easy transactions via the Justdial apps Scan & Pay feature. JD Pay facilitates a versatile financial ecosystem by supporting multiple payment methods, including cashless options, cards, UPI, net banking, and digital wallets.

Biz Boosters

Just Dial has launched Biz Boosters - a suite of self-service, paid add-ons aimed at enhancing merchant visibility and engagement. Available within existing paid plans, these features include Rotational Banners, JD Trust and Verified Badges, a JDRR Certificate and a professionally designed website. By enabling merchants to independently activate these tools, Justdial drives premium engagement, boosts Average Revenue Per User and reinforces its position as a trusted growth partners for Indias small businesses.

AI initiatives

Justdial is integrating AI across its operations to drive

scalable growth, enhance service quality, and deliver

superior experiences for both customers and merchants.

Key initiatives include:

• AI-driven automation for monitoring interaction quality across customer-facing teams.

• Features such as review summarisation, dynamic review prompts, and fraud detection for users.

• On the merchant side, AI tools support catalogue management, extract data from signboards and visiting cards, and improve outreach through intelligent channel recommendations.

Business model

• Financial stability: Our subscription plans employ a prepaid model, allowing customers to choose between full upfront or monthly advance payments via ECS. This approach has enabled us to maintain negative working capital, eliminate receivables, and uphold a debt-free balance sheet while ensuring strong revenue visibility.

• Pan-India presence: About 57% of our revenue comes from the top 11 cities in India, while Tier-II and Tier-III cities contribute roughly 43%. We are increasing our strategic focus on smaller towns with significant growth in internet usage.

• Customised revenue model: We provide customised service packages at varying price tiers based on business type, geographic reach, and listing tier (premium or nonpremium). Clients can choose flexible payment options, including upfront or monthly payments and various methods such as digital or cheque.

• Transparency in listings: Advertisers can opt for premium or non-premium packages. Premium packages ensure priority placement in category searches, enhancing visibility. Non-premium packages are ranked based on the advertisers contributions relative to competitors, affecting their exposure.

• Empowering businesses: We serve as a specialised advertising platform for SMEs, providing access to a broad consumer base at competitive rates and flexible payment options. Our targeted nationwide campaigns seek to maximise advertisers ROI. As on March 31, 2025, we had 613,290 active paid campaigns.

• Strong ground force: We have a team of 4,633 tele-sales employees and a strong field sales force of 5,470 employees dedicated to SMEs. Our network spans 250+ cities and services over 11,000 pin codes in India, ensuring extensive coverage and support.

Service platforms

Web

As leaders in the Indian local search industry, Just Dial has built strong brand recognition. The Company continuously focuses on product innovation and user engagement. Its platform-agnostic approach, powered by proprietary technology, guarantees a smooth user experience across devices. Aligned with its Life Made Easy philosophy, Justdial apart from categorised searches offers features like predictive auto-suggest, voice search, sorting options, user ratings and reviews, videos, catalogues and varied sorting options to enhance the search experience and boost user satisfaction.

Mobile

Indias mobile internet user base is rapidly expanding due to higher disposable incomes, affordable smartphones, and lower data costs. In response, the Company has enhanced its mobile platforms by improving the mobile website and JD apps on iOS and Android for better performance, faster load times, and improved search. These platforms focus on user-friendliness and design, with features like Chat Messenger proving highly profitable. The Company consistently updates its JD and JD Mart apps to include new functionalities and enhance user experience.

Voice

Justdials operator-assisted national hotline number (88888-88888) is accessible 24/7, provides multi-lingual support and handling multiple queries in one call.

Value-added services

Just Dial provides value-added services to enhance user engagement, such as user ratings and reviews, an online movie discovery tool, stock data, and augmented reality search functionality. In FY 2024-25, we recorded 190.4 million average quarterly unique visitors and had accumulated 152.6 million ratings and reviews as on March 31, 2025, reflecting increased user interaction.

Data management

The Companys database architecture drives its operations, making efficient data management essential by implementing regular upgrades to maintain database integrity and performance. The data management team actively verifies and monitors key business metrics to ensure accurate demand representation. Using advanced search optimisation and relevant algorithms, it refines listings to meet consumer needs. Leveraging geo-coding and data analytics tools, Just Dial enhances its offerings and provides consumers with comprehensive and enriched content to provide a delightful experience.

Operational review

• Our platforms generated 190.4 million average quarterly unique visitors for the year ended March 31, 2025

• Total active listings reached 48.8 million as on March 31, 2025, a growth of about 11.9% Y-o-Y

• 32.7 million listings, were geo-coded, and we had 227.3 million images in active listings, as on March 31, 2025

• Recorded high user engagement with 152.6 million ratings and reviews as on March 31, 2025

Financial review

Particulars	FY 2020-21	FY 2021-22	FY 2022-23	FY 2023-24	FY 2024-25
Revenue from operations ( million)	6,751.8	6,469.5	8,447.6	10,429.1	11,419.3
Other income ( million)	1,495.2	1,221.7	1,419.2	3,054.6	3,865.4
Total income ( million)	8,247.0	7,691.2	9,866.7	13,483.7	15,284.7
Operating EBITDA ( million)	1,548.8	(20.5)	859.6	2,164.8	3,353.8
Operating EBITDA Margin (%)	22.9	(0.3)	10.2	20.8	29.4
Profit before tax ( million)	2,546.7	834.1	1,880.3	4,664.9	6,641.5
Profit after tax ( million)	2,141.9	709.4	1,629.2	3,628.5	5,842.0
Net profit margin (%)a	26.0	9.2	16.5	26.9	38.2
Earnings per share (?)	33.92	9.51	19.34	42.71	68.70
Cash flow from operations ( million)	1,389.3	392.1	1,788.0	2,592.2	3,114.9
Return on net worth (%)*	16.8	3.0	4.6	9.4	13.5

ANet profit margin is calculated as Net Profit (Profit after tax) as a percentage of Total income (Operating revenue + Other income) for the period. *Return on net worth (%) is calculated based on Average net worth.

Financial highlights

• Operating revenue from search and other services increased by 9.5% Y-o-Y from 10,429.1 million in FY 202324 to 11,419.3 million in FY 2024-25

• Other income increased by 26.5% from 3,054.6 million in FY 2023-24 to 3,865.4 million in FY 2024-25

• Total income increased by 13.4% from 13,483.7 million in FY 2023-24 to 15,284.7 million in FY 2024-25

• Operating EBITDA margin increased from 20.8% in FY 2023-24 to 29.4% in FY 2024-25, on account of increased revenue and cost optimisations

• Profit before tax improved by 42.4% from 4,664.9 million in FY 2023-24 to 6,641.5 million in FY 2024-25 aided by growth in operating profits and other income (mainly treasury income)

• Profit after tax improved by 61.0% from 3,628.5 million in FY 2023-24 to 5,842.0 million in FY 2024-25

• Net profit margin (including other income) also increased from 26.9% in FY 2023-24 to 38.2% in FY 2024-25

• Cash flows from operations stood at 3,114.9 million in FY 2024-25, up from 2,592.2 million in FY 2023-24

• 256.4 million was spent on advertising and promotion in FY 2024-25 against 211.3 million in FY 2023-24

• Basic earnings per share stood at 68.70 in FY 2024-25 against 42.71 in FY 2023-24

• There was a decrease in employee benefit expense from 7,197.7 million in FY 2023-24 to 6,953.9 million in FY 2024-25

• Finance cost, which is primarily for our rental lease liabilities, increased from 92.8 million in FY 2023-24 to 105.1 million in FY 2024-25

• Depreciation and amortisation expenses increased from 461.7 million in FY 2023-24 to 472.6 million in FY 2024-25

• Other expenses increased from 1,066.6 million in FY 2023-24 to 1,111.6 million in FY 2024-25

• Total tax expense decreased from 1,036.4 million in FY 2023-24 to 799.5 million in FY 2024-25 due to reversal of deferred tax on part of treasury moving from short-term to long term bucket in FY 2024-25

Key financial ratios

Particulars	FY25	FY24	Y-o-Y change in %
Interest coverage ratio3	64.2	51.3	25.2
Current ratio	8.2	7.7	6.5
Debt equity ratiob	0.2	0.2	-
Operating profit margin (%)c	29.4	20.8	861 bps
Net profit margin (%)d	38.2	26.9	1131 bps
Debtors turnover ratioe	NA	NA	NA
Return on net worth (%)f	13.5	9.4	435 bps

(a) I nterest coverage ratio is calculated on interest over profit before interest, tax and exceptional items. The interest includes interest cost on lease asset as per new accounting standard. The change is attributable to increase in profit during the year.

(b) The company does not have any debt in form of loans or borrowings. Debt equity ratio is calculated on total liabilities over our total equity.

(c) Operating profit margin is calculated on profit before interest, tax and depreciation over operating revenue whereas Net profit margins are calculated on profit after tax over operating revenue and other income. The changes for both the margins are attributable to the increase in revenue and cost optimisation.

(d) Net profit margin is calculated as Net profit (Profit after tax) as a percentage of Total income (Operating revenue + Other income) for the period.

(e) Debtors and inventory turnover ratio is not applicable to us since we do not have any debtors and inventory.

(f) Return on net worth is calculated based on average net worth. The return on net worth increased mainly due to increase in profits during the year.

Segment-wise performance

We operate in a single reporting segment named ‘Search and Search-related Services.

Opportunities

Please refer to Page 18 for more details on opportunities.

Threats

Risk management

We face diverse risks in our dynamic environment and thus, being prepared is key to navigating our challenges and creating value. Maintaining an effective risk management profile is vital for sustaining our success.

Outlook

Just Dial seeks to boost platform traffic and position itself as the top resource for a variety of businesses, such as service providers and retailers. The increasing digital adoption among SMEs offers substantial growth prospects, especially since a large share of our traffic comes from mobile users. With the launch of the redesigned website, the Company anticipates increased engagement from desktop users as well. We will continue to enhance our local search features, recognising the vast potential as many SMEs look for digital solutions to improve their visibility.

Technology and infrastructure

A dedicated team of over 350 experts develops and maintains software applications that enable quick business adaptation and shorter go-to-market timelines. The Company securely manages its systems, databases, and internet connectivity through a robust engineering framework, using both proprietary and third-party Internet Data Centres. The servers support open-source platforms for various intranet and extranet applications. By leveraging advanced technology and modern tech stacks, Just Dial enhances user experience through improved speed and accessibility, while proactively managing operating system upgrades to ensure zero downtime and continuous service.

Data security and privacy

Just Dial places a high priority on safeguarding user data. The company employs robust security frameworks that integrate cutting-edge technologies such as Kona Site Defender, SIEM (Security Information & Event Management) and IBM Q-radar to proactively combat data breaches, fraud, and cyber threats. Key components of their cybersecurity strategy include bot management, client reputation evaluation, page integrity monitoring, and DNS security. Just Dials Information Security Management System (ISMS) complies with ISO 27001 and PCI DSS standards, focusing on the identification, assessment, and mitigation of risks. These efforts ensure comprehensive protection of digital assets and bolster stakeholder trust in an increasingly complex threat landscape.

Human resource management

In FY 2024-25, Just Dials Human Resources function focused on enabling business growth through strategic talent management, operational efficiency, and capability development. Key initiatives included implementing

Nature of risk	Explanation	Risk mitigation measures
Data privacy and protection	Our database contains vital user and business data. A breach could lead to severe consequences.	We safeguard the data of our users and customers, refraining from unauthorised sharing with third parties. Our security protocols ensure trust among users. We have technologies like Kona Site Defender to prevent privacy breaches and data leaks. Our ISMS framework prioritises risk management and mitigation for a secure digital journey.
Competition	Rising competition from global and local search engines.	Just Dial, an early player in the local search market, has established a strong competitive edge with a comprehensive database that is hard to replicate. Our ongoing technological innovations enhance user experience, while our broad presence across various categories reduces revenue concentration risks. This strategic diversification strengthens our market position and adaptability.
Operational	Failure to launch innovative products could lead to customer loss and revenue drop.	Just Dial prioritises understanding user needs and adapting accordingly. Our aggressive product innovation strategy is evident in our offerings, such as JD Mart, JD Omni, and JD Pay, which leverage technology to meet evolving user demands.
Technological	Difficulty in keeping up with rapid innovations.	Just Dials specialised technology team continually innovates systems and infrastructure, ensuring a secure and engaging user experience.
Geographical	High reliance on the top 11 cities may concentrate business.	Our skilled sales team drives our strategic approach to expanding our market presence in emerging Tier II and III cities.
Economic Risk	A slowdown in the economy poses a risk to the survival of MSMEs, who are our primary clients. Any adverse effects on MSME operations would inevitably affect our business.	We offer both annual and monthly subscription packages, supported by a high customer loyalty rate that reflects trust in our services. Our diversified portfolio acts as a buffer against sector-specific MSME slowdowns.

a Competency-Based Interview framework to ensure high-quality hiring, enhancing internal mobility through structured evaluations, and reinforcing compensation governance with a unified banding structure. Proactive retention strategies helped retain 34% of critical talent during notice periods, while managerial effectiveness was strengthened through the Managerial Learning Series. HR also advanced operational excellence by consolidating services under HR Shared Services and accelerating automation across core functions. As on March 31, 2025, our workforce consisted of 13,002 employees.

Internal audit and controls

An effective internal control framework is essential for maintaining the integrity of financial records and safeguarding assets. The Company enhances this strategy through a comprehensive internal audit program, management assessments, and well-defined policies and procedures. Findings from internal audits play a pivotal role in identifying and evaluating risks. Just Dial consistently reviews its operations to pinpoint critical risks that may hinder the achievement of its business goals.

Forward-looking statement

The report contains forward-looking statements, identified by words like, ‘expected, ‘will, ‘anticipates, and so on. All statements that address expectations or projections about the future, including the Companys strategy for growth, product development, market position, expenditures, and financial results, are forward-looking. Since these are based on certain assumptions and expectations of future events, the Company cannot guarantee that these are accurate or will be realised. The Companys actual results, performance or achievements could thus differ from those projected in any forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any such statements based on subsequent developments, information or events. The Company disclaims any obligation to update these forward-looking statements except as may be required by law.