Matrimony.com confident of higher matchmaking business in FY24

Bengaluru, 10 May Matrimony.com is confident of accelerating its revenue growth in coming quarters as sentiment improves in the match making business in country.

After sound growth in paid subscriptions during the fourth quarter of last fiscal, the company expects it to further improve in the first quarter of FY24.

“Based on the billings in Q4 of FY23, management expects revenue growth in matchmaking business in Q1 of FY24 is likely to be better than previous quarter. It indicated matchmaking EBITDA margins are likely to expand as marketing expenses remain flattish, but revenue is increasing,” ICICI Securities wrote in a note.

During the fourth quarter, revenue for matchmaking services segment, constituting 98 per cent of overall revenues, grew 3.6 per cent over previous quarter, while marriage services revenue (around 2 per cent of overall revenues) grew 10.8 per cent on sequential basis.

In Q4, Matrimony.com reported a total income of Rs 120 crore as compared to Rs 116 crore during the period ended March 31, 2022. It posted net profit of Rs 11.5 crore during this period as against a net profit of Rs 11.7 crore for the period ended March 31, 2022.

“Management expects about 300 basis points expansion in Q1FY24 margins. It guided for double-digit growth in FY24 and strong expansion in profitability aided by subscription growth. Marketing expenses should be stable at Q4FY23 levels,” ICICI Securities added.

Marriage-related businesses have improved during post pandemic days as matchmaking activities ana marriages have been risen in last two quarters. Earlier, jewellery to watchmaker Titan has posted good set of numbers in Q4 and guided for higher revenue growth in FY24 on the back of rising purchases of jewellery during the marriage season.