ADVERTISEMENT

Justdial expects an equity buyback worth $29 million, records $11 million in net profit
J

The company is looking forward to buyback almost 31.4 lakh equity share, representing up to 4.84% of the total number of equity shares of the paid-capital.

Justdial, the Mumbai-based hyperlocal search engine, has seen a 45.5% rise in profits and is looking forward to buyback equity shares worth $29 million in the coming 4 to 5 weeks, the hyperlocal search firm confirmed in its BSE listing (1) while announcing its financial results.

The company is looking forward to buyback almost 31.4 lakh equity share, representing up to 4.84% of the total number of equity shares of the paid-up equity share capital, with each share being valued at Rs 700. 

Justdial recorded $11 million net profit, seeing a 45.5% hike from nearly $7.5 million recorded in FY20’s quarter one. 

Reduced sales workforce

Justdial stated that the buyback is progressing on expected timelines, with the majority of required approvals in place. The record date was 3rd July 2020 and the tender offer window is expected to open on 4th August 2020, as stated. 

According to the Bombay Stock Exchange filing, the company is held 33.43% by promoters, 35.6% by foreign investors, 19.86% by domestic investors, and 11.03% by individuals. 

Despite seeing a rise in its profits, Justdial has seen a fall in its operating revenues by 32.4% YoY, falling from Rs 240 crore to Rs 162 crore this quarter, whereas the fall stands at 30.9% in terms of quarterly growth. 

Justdial also reduced its sales team workforce by nearly 1k in the first quarter of the financial year. The company had close to 9,000 employees in the sales department in the fourth quarter of FY20 and has its employee strength standing at 8,000 for employees across telemarketing, marketing, and cold calling segments. 

+ posts

A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Saumya Uniyal
Saumya Uniyal
A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

Chqbook

Chqbook Launches Suite of Services for Small Merchants

0
Chqbook (1), a fintech startup that focuses on small business owners like merchants, kiranas, and chemists, has launched several services. It includes a current...
Samunnati

Samunnati Secures 20 Million USD in Debt From DFC

0
Samunnati Financial Intermediation and Services Pvt Ltd (1) have recently received a 20 million in debt fund from, DFC (2), US International Development Finance...
MobiGarage

MobiGarage Bags Funding From SOSV in pre-Series A Round

0
MobiGarage (1), Delhi-based mobile hardware, and service startup, has recently secured funding from SOSV, a US venture capital fund, for its ongoing series A...
Google

Google Seeks CCI Approval to Buy Stake in Jio

0
Google, an internet tech giant, has sought approval from CCI, Competition Commission of India (1), its antitrust watchdog. It has filed for its 33,737...
Unacademy

Unacademy Acquires Test Prep Startup Coursavy

0
On Thursday, Unacademy (1), an edtech startup headquartered in Bengaluru, acquired Corsavy (2), a UPSC, Union Public Service Commission test preparation platform for an...
rephrase.ai

Rephrase.ai Secures 1.5 Million USD in Seed Funding

0
On Thursday, Rephrase.ai (1), a deep-tech startup based in Bengaluru, stated that it had raised 1.5 million USD in a seed funding round. The...

How Video KYC is becoming the next big change

0
What is Video KYC?  KYC or "Know Your Customer" is a strategy by which banks get data about the personal details and address of the...
ShareChat

ShareChat Bags 40M USD in its Pre-series E Funding

0
On Thursday, the Indian social networking platform ShareChat (1) announced that it had secured 40 million USD from several investors. Notably, in recent months,...
ADVERTISEMENT
Enable Notifications    Ok No thanks