Just Dial shares hit 52-week high post Q3 earnings; UBS raises target price

Shares of search engine provider Just Dial Ltd hit their 52-week high after the firm reported its earnings for the quarter ended December 2023. Just Dial shares hit a record high of Rs 945.80, rising 8.5% in early deals today against the previous close of Rs 871.65 on BSE. With today’s rally, Just Dial stock has gained 21.32% in a year and risen 1.16% in 2024. The stock opened higher at Rs 906.70 on BSE. Market cap of the firm rose to Rs 7667 crore on BSE. Total 1.41 lakh shares of the firm changed hands amounting to a turnover of Rs 12.86 crore.

In terms of technicals, the relative strength index (RSI) of the stock stands at 78.9, signaling the stock overbought on charts. The stock has a one-year beta of 0.3, indicating very low volatility during the period. Shares of Just Dial are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

On Friday (January 12), Just Dial reported a 22% rise in Q3 net profit to Rs 92 crore against a profit of Rs 75.3. Revenue for the local search platform jumped 39.32 per cent YoY to Rs 221.37 crore for the quarter compared with Rs 158.89 crore in the same quarter last year.

Brokerage UBS has raised its target price to Rs 1,125 from Rs 1,050 on better than expectations Q3.

Margins expanded by 400 bps on a  quarter on quarter basis (QoQ), said UBS.

The brokerage is looking forward to guidance on 1) growth outlook, 2) operating expenses related to employee cost & advt. spends 3) overall margin trajectory for FY25.

Just Dial provides local search related services to users in India through multiple platforms such as Desktop/ PC website, mobile site, mobile apps (Android, iOS, Windows), over the telephone and text. In February, it has launched its B2B portal, Jd Mart, across various platforms for users.

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