Sequentially, Matrimony’s profit after tax rose more than 24% from INR 11.4 Cr
Matrimony’s operating revenue jumped 6% to INR 123.27 Cr in Q1 FY24 from INR 116.02 Cr in the year-ago period
The company attributed the revenue growth to strong billing numbers and addition of more paid subscribers
Online matchmaking startup Matrimony.com reported a 18% year-on-year (YoY) rise in its consolidated profit after tax (PAT) at INR 14.16 Cr in the first quarter (Q1) of the financial year 2023-24 (FY24). Its PAT stood at INR 11.95 Cr during the corresponding quarter of last year.
Sequentially, profit rose more than 24% from INR 11.4 Cr.
Meanwhile, the Chennai-based startup’s operating revenue jumped 6% to INR 123.27 Cr in Q1 FY24 from INR 116.02 Cr in the year-ago period. Similarly, revenue from operations grew 7.6% quarter-on-quarter (QoQ) from INR 114.5 Cr.
“Q1 was a good quarter where we accelerated profits along with strong cash generation and a fair revenue growth. This is a result of our strong foundation and the on-going measures we have taken to improve performance and we hope to sustain this momentum,” said Matrimony.com chairman and managing director Murugavel Janakiraman.
The company attributed the revenue growth to strong billing numbers and addition of more paid subscribers during the quarter under review. The consolidated entity achieved a billing of INR 124.5 Cr during the quarter under review, up 2.9% QoQ and 6.9% YoY. On the other hand, its matchmaking billing stood at INR 122.1 Cr, registering a QoQ growth of 3.8% and 6.6% on a YoY basis.
The consumer internet startup manages a host of other matchmaking brands such as BharatMatrimony, CommunityMatrimony and EliteMatrimony.
In Q1 FY24, the company also added 2.8 Lakh paid subscribers, a YoY growth of 11.5%.
Meanwhile, Matrimony.com’s total expenses in Q1 FY24 rose more than 5% to INR 111.22 Cr from INR 105.48 Cr in the year-ago period. Of this, advertising and marketing expenses stood at INR 44.24 Cr.
Employee benefit expenses stood at INR 37.66 Cr during Q1 FY24, growing 4.06% from INR 36.19 Cr in Q1 FY23. ‘Other expenses’ totalled INR 20.79 Cr in the quarter ended June 2023, growing 32% YoY from INR 15.72 Cr in the year-ago period.
The positive results come at a time when the matrimony startup has been locked in a legal tussle with tech giant Google. The Madras HC recently ruled against Matrimony.com and quashed its plea that challenged the tech juggernaut’s contentious user choice billing system, which has a direct bearing on the company’s expenses.
The company declared the market results after market hours. Shares of the company closed 6.82% higher at INR 706.75 on the BSE on Wednesday (August 9).