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ICICI Securities Report
Matrimony.com Ltd. has reported a sequential revenue decline of 7.8% with billings declining 15.3%. Management expects the momentum in billings to pick up from next quarter and targets double-digit growth.
Ebit margins improved 380 basis points to 10% in Q1 FY21. Marketing spend was Rs 269 million and comprises 31% of Q1 revenues. Paid subscribers added were 167,000 during the quarter with average transaction per customer declining by 2.5% on a QoQ basis.
Even in current quarter, competitive intensity remained at elevated level, given acquiring customers remains a challenging task in the current scenario as evidenced by elevated marketing spend and average transaction reducing (a first YoY decline in 12 quarters).
Though the current scenario remains challenging, we expect improvement in conversions to be gradual with revenue growth supported by focus on profile acquisition by offering dynamic pricing, and the company being a market leader in its key markets. Growth in paid subscriptions would be a key catalyst.
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