CORPORATE PRESENTATION

July 2024
 DISCLAIMER

This Presentation has been prepared by Just Dial Limited (“Just Dial”) for investors, shareholders, analysts and other
relevant stakeholders, solely for informational purposes. The information set out in this Presentation, including
business overview, traffic related numbers, products related information, historical financial performance and any
forecasts should not be considered as advice or a recommendation to investors or potential investors in relation to
holding, purchasing or selling securities or other financial products. Before acting on any information, you should
consider the appropriateness of the information having regard to these matters, any relevant offer document and in
particular, you should seek independent financial advice.

This presentation may contain forecasts/ forward looking statements based on facts, expectations, and/or past figures
relating to the business, financial performance and results of the Company. As with all forward-looking statements,
forecasts are connected with known and unknown risks, uncertainties and other factors that may cause the actual
results to deviate significantly from the forecast. Readers are cautioned not to place undue reliance on these forward
looking statements. Forecasts prepared by the third parties, or data or evaluations used by third parties and
mentioned in this communication, may be inappropriate, incomplete, or falsified. Neither the Company or any of its
subsidiaries or any of its Directors, officers or employees thereof, provide any assurance that the assumptions
underlying such forward-looking statements are fully free from errors nor do any of them accept any responsibility for
the future accuracy of the opinions expressed in the Presentation or the actual occurrence of the forecasted
developments. Neither the Company nor its Directors or officers assume any obligation to update any forward -
looking statements or to confirm these forward-looking statements to the Company’s actual results.

The contents of this presentation are confidential, and they must not be copied, distributed, disseminated, published
or reproduced, in whole or in part, or disclosed by recipients directly or indirectly to any other person. Just Dial makes
no representation or warranty as to the accuracy or completeness of this information and shall not have any liability
for any representations (expressed or implied) regarding information contained in, or for any omissions from, this
information or any other written or oral communications transmitted to the recipient in the course of its evaluation of
the Company.

Any information provided in this presentation is subject to change without notice.

Q1 FY25 means the period Apr 1, 2024 to Jun 30, 2024

FY25 or FY 24-25 or FY 2025 means the Financial Year starting Apr 1, 2024 and ending Mar 31, 2025
BUSINESS OVERVIEW
 C O M PA N Y O V E R V I E W

Justdial’s services connect High user engagement, 149.1

sellers of products & services million ratings & reviews
with potential buyers/ users

181.3 million quarterly

unique visitors in Q1-FY25 Database of 44.9 million
listings

Scalable and profitable

business model 591,650 active paid
campaigns

Figures as on Jun 30, 2024

KEY STRENGTHS

❑ First Mover Advantage in Indian Local Search

Market

❑ Strong Brand Recognition with 181.3 million

unique quarterly visitors^ in Q1 FY25 (171.1
million in Q4 FY24)

❑ Comprehensive database of 44.9 million listings

❑ Attractive Value Proposition For Local SMEs

❑ Experience and Expertise in Local Indian Market

❑ Advanced and Scalable Technology Platform

❑ Efficient & Profitable Business Model

❑ Strong & Experienced Management Team

❑ Strong Financial Profile, Prepaid Model

^ Unique visitors are aggregated across various mediums – Voice, Desktop/ PC, Mobile; these
may not necessarily be mutually exclusive
N AT I O N W I D E
PRESENCE

Chandigarh

Delhi NCR (Noida)

Nationwide coverage, branches Jaipur

in 11 cities across India

Ahmedabad
Kolkata
Corporate Headquarters in
Mumbai, Technology operations
in Bengaluru
Mumbai
Pune
Hyderabad

4,694 employees in tele-sales,

5,286 feet-on-street salesforce
Bengaluru Chennai

On-the-ground presence in Coimbatore

250+ cities pan India, covering
11,000+ pin codes
 P L AT F O R M S

85.3%
MOBILE
Mobile Site & Apps Traffic
Share
Q1 FY25
11.3%
D E S K TO P/ P C 181.3 million^
www.justdial.com

3.4%
VOICE
88888-88888

^ Unique visitors are aggregated across various mediums – Voice,

Desktop/ PC, Mobile; these may not necessarily be mutually exclusive
MOBILE

Android & iOS Apps

Predictive Auto-Suggest
Company, Category, Product Search
Map View of Category Search
Location Detection
Voice Search
App Notifications
JD Pay
Maps & directions
Location-based search service
Ratings & Reviews
Friends’ Ratings
Real-time Performance tags for listings
Catalogues
Search Plus
WEBSITE

Predictive Auto-Suggest
Company, Category, Product Search
Location Detection
Maps & directions
Operating hours
Business logos
Pictures & videos
Ratings & reviews
Friends’ Ratings
Catalogues
Search Plus
Popular Category Searches
VOICE

88888-88888
Operator-assisted Hotline Number
One number across India
24 Hours a day x 7 Days a week
Multi-lingual support
Zero-ring Pickup
Personalized Greeting
Multiple queries in one call
Instant WhatsApp, SMS & Email
VA LU E P R O P O S I T I O N
FOR SMEs

LISTING OWN WEBSITE PAYMENTS RATINGS REACH

Every SME should Justdial can SMEs can accept Ratings are key to With curated
be listed on create websites digital payments users’ decision- content including
Justdial - India's for SMEs from their making, JD Cataloguing, Deals
leading local instantly, which customers - via JD Ratings tool helps & Vouchers,
search engine & are mobile-ready, Pay, an online SMEs gather Service Cards and
online dynamic & have payment more ratings & Analytics, JD
marketplace transactional mechanism reviews platform provides
capabilities great visibility to
businesses
USER ENGAGEMENT

149.1 million Ratings & Reviews

Mobile-verified, unbiased ratings
Intelligent tags to capture experiences
Friends’ Ratings
5-Point Rating Scale
Photos Upload with Review
Robust Audit Mechanism
PRODUCT OVERVIEW
JD Mobile
JD Mobile
JD Mobile
JD Mobile
Vo i c e S e a rc h
Enhanced Ratings & Reviews System
Review Insights
JD Website
JD Website
JD Mart – Exclusive B2B Platform
JD Mart – Exclusive B2B Platform
JD Mart – Exclusive B2B Platform
JD Mart – Exclusive B2B Platform
JD Mart – Exclusive B2B Platform
Self-Sign-up for SMEs to start paid campaign
JD Business – Dashboard for SMEs to manage campaigns
Beyond Search
JD Shopping Get quotes on Products Travel
Beyond Search
Flights Bills & Recharge Jd Pay
Beyond Search
Stocks Logistics Get quotes
JD Xperts – One Stop Solution for On-Demand Services
JD Omni – Cloud-Hosted Solution for Digitalizing Businesses
JD Homes
O P E R AT I O N A L & F I N A N C I A L
OVERVIEW
E F F I C I E N T & P R O F I TA B L E B U S I N E S S M O D E L

▪ Paid Advertisers pay a fixed fee to run search-

led advertising campaigns for their businesses
on Justdial’s platforms

▪ Various premium & non-premium listing

packages available which determine
placements in search results

▪ Multiple factors determine pricing, such as

business categories of advertiser, geographies
targeted, type of package

▪ Add-on products such as banners, own

website, JD Pay, JD Ratings, etc. available

▪ Advertisers can pay amounts either upfront or

through monthly payment plans, with ability
to manage campaigns online

▪ Justdial also runs multi-city/ national

campaigns for pan-India advertisers

▪ Sales team comprises of 4,694 employees in

tele-sales, 1,532 feet-on-street (marketing),
and 3,754 feet-on-street (Cold Calling & KEY
Others) as on Q1 FY25 BUSINESS
ATTRIBUTES
 TRAFFIC/ VISITORS

Quarterly Unique Visitors (million)

200
181.3
180 171.4 171.7 171.1
165.9
156.5 156.8 159.3
160 147.9
140

120

100

80

60

40

20

0
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
 TRAFFIC/ VISITORS

Quarterly Unique Visitors split (million)

200

180

160

140

120

100 154.5
146.5 147.9 141.2 144.7
80 132.2 134.0 137.2
124.7

60

40

20 20.8 20.4
16.7 18.2 17.1 16.6 18.6 17.9 19.1
0 6.4 6.1 5.6 5.5 6.3 5.9 5.6 5.6 6.3
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
Voice Web Mobile

Unique visitors are aggregated across various mediums – Voice, Desktop/ PC, Mobile; these may not necessarily be mutually exclusive
USER ENGAGEMENT

Ratings & Reviews (million)

160
145.8 147.0 148.0 149.1
143.0 144.6
137.1 139.8
140 133.5

120

100

80

60

40

20

0
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
D ATA E N R I C H M E N T

Active Listings - period end (million)

50
44.9
45 43.6
41.6
40.2
40 38.0
36.5
35.0
35 32.8 33.9

30

25

20

15

10

0
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
 D ATA E N R I C H M E N T

Listings with Geocodes (million)

35

29.5
30 28.5
26.4
25.3
25 23.5
22.3
20.1 20.8
19.5
20

15

10

0
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
 D ATA E N R I C H M E N T

Images in Active Listings (million)

210 198
188
180 176
165
150
150 139
132
122 127
120

90

60

30

0
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
 MOBILE APPS

Cumulative JD App Downloads (million)

40
36.4 37.3
35.0 35.8
35 34.0
32.2 33.1
31.2 31.7
30

25

20

15

10

0
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
REVENUE

Operating Revenue (Rs million)

3,000
2,806
2,650 2,703
2,606
2,470
2,500 2,325
2,214
2,053
2,000 1,856

1,500

1,000

500

-
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
O P E R AT I N G M A R G I N

Adjusted EBITDA (Rs million) & Margin %

900 35%

800 28.8% 30%

26.2%
700
22.8% 25%
600
18.6% 20%
500 15.3% 14.7%
13.3% 15%
400 807
9.5%
707 10%
300 5.9% 606
486 5%
200
356 363
294
100 195 0%
110
- -5%
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25

Note: Adjusted EBITDA calculated after excluding non-cash ESOP Expenses from reported EBITDA
COST STRUCTURE

Expenses as % of Operating Revenue

120%

1.5%
100% 1.4% 1.6%
1.6%
3.0% 1.2% 1.5% 1.8%
2.9% 1.0% 2.5%
15.2% 3.3% 0.9%
3.5% 3.0% 2.4%
12.5% 3.1% 2.2%
80% 12.2% 11.6% 11.2% 0.1%
3.0% 0.0% 2.1%
10.1% 3.2% 0.0%
9.9% 2.8%
9.7% 9.6%
60%

40% 78.9% 78.0% 74.5% 73.1% 74.1% 71.2% 67.3% 64.1% 61.6%
20%

0% -0.2% -0.1%

-20%
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25

Employee Costs Other Expenses Depreciation & Interest on Leases ESOP Expenses Depreciation
OTHER INCOME

Other Income (Rs million)

1,000

800

600
913 869
400 742 814 749
713
565 579
200

-200
-600
-400

-600

-800
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25

Note: Other Income in 1Q FY23 was impacted due to mark-to-market (MTM) losses on treasury portfolio owing to significant increase in bond yields
during that quarter.
NET PROFIT MARGIN

Net Profit (Rs million) & PAT Margin %

1,500 1,412 90%

1,250 1,156 75%

1,000 920 60%

838 834
753 718
750 38.4% 45%
522 32.0%
25.7% 27.3% 25.4% 27.1%
500 22.5% 30%
19.9%
250 15%

- 0%

-250 -15%

-500 -30%
-484

-750 -38.5% -45%

1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
Note:
1) Net Profit Margin is calculated as Net Profit (Profit After Taxes) as a percentage of Total Revenue (Operating Revenue + Other Income) for the
period.
2) Loss during 1Q FY23 was driven by negative other income due to mark-to-market (MTM) losses on treasury portfolio owing to significant
increase in bond yields during that quarter.
PA I D C A M P A I G N S

Active Paid Campaigns - period end

700,000

583,690 591,650
600,000 560,830 566,955
538,220 548,270
521,880
503,840
500,000 483,690

400,000

300,000

200,000

100,000

-
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
CASH AND INVESTMENTS

Cash & Investments - period end (Rs million)

50,000 47,555
46,254
45,000 44,053
42,822
40,668 41,592
39,344
40,000 37,396 38,189

35,000

30,000

25,000

20,000

15,000

10,000

5,000

-
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25
SALES FORCE

Sales Strength - Period End

14,000
11,947 11,590 11,746
12,000 11,332 11,532
10,601 10,906
9,816 9,980
10,000
4,971 4,749 4,734 4,841
4,795 4,487
8,000 4,474 3,754
3,707

6,000 1,748 1,750 1,746 1,745

1,730 1,705 1,574 1,532
1,699
4,000

4,807 5,228 5,091 5,266 4,946 4,714 4,694

2,000 4,428 4,535

-
1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25

Tele-Marketing Feet-on-Street (Marketing)

Feet-on-Street (Cold Calling & Others) Total Sales Team Strength
JUST DIAL LTD - 1Q FY25 (Quarter ended June 30, 2024) PERFORMANCE SUMMARY
Metric Unit 1Q FY25 1Q FY24 YoY change 4Q FY24 QoQ change
Operating Revenue (₹ million) 2,806 2,470 13.6% 2,703 3.8%

Operating EBITDA (₹ million) 806 367 119.8% 706 14.2%

Operating EBITDA Margin % 28.7% 14.9% 1,389 bps 26.1% 261 bps

Adjusted EBITDA (excl. ESOP expenses) (₹ million) 807 363 122.4% 707 14.1%

Adjusted EBITDA Margin (excl. ESOP expenses) % 28.8% 14.7% 1,407 bps 26.2% 260 bps

Other Income (₹ million) 869 814 6.7% 913 -4.8%

Profit Before Taxes (₹ million) 1539 1061 45.0% 1,473 4.5%

Net Profit (₹ million) 1,412 834 69.3% 1,156 22.1%

Net Profit Margin % 38.4% 25.4% 1,304 bps 32.0% 645 bps

Deferred Revenue (period end) (₹ million) 5,001 4,503 11.1% 5,077 -1.5%

Cash & Investments (period end) (₹ million) 47,555 41,592 14.3% 46,254 2.8%

Note: Net Profit Margin is calculated as Net Profit (Profit After Taxes) as a percentage of Total Revenue (Operating Revenue + Other Income) for the
period.
JUST DIAL LTD - 1Q FY25 (Quarter ended June 30, 2024) PERFORMANCE SUMMARY
Metric Unit 1Q FY25 1Q FY24 YoY change 4Q FY24 QoQ change
Unique Visitors (million) 181.3 171.4 5.7% 171.1 6.0%
- Mobile (million) 154.5 146.5 5.5% 144.7 6.8%
- Desktop/ PC (million) 20.4 18.6 9.7% 20.8 -1.7%
- Voice (million) 6.3 6.3 -0.4% 5.6 12.2%

- Mobile % share 85.3% 85.5% -20 bps 84.6% 69 bps

- Desktop/ PC % share 11.3% 10.9% 41 bps 12.2% -88 bps
- Voice % share 3.4% 3.6% -21 bps 3.2% 19 bps

Total Listings (period end) (million) 44.9 38.0 18.2% 43.6 3.2%
Net Listings Addition 1,373,563 1,510,972 -9.1% 1,942,275 -29.3%
Total Images in Listings (period end) (million) 198.3 150.2 32.0% 188.5 5.2%
Listings with Geocodes (period end) (million) 29.5 23.5 25.3% 28.5 3.6%
Ratings & Reviews (million) 149.1 144.6 3.1% 148.0 0.7%

Paid campaigns (period end) 591,650 548,270 7.9% 583,690 1.4%

Total App Downloads (period end) (million) 37.3 34.0 9.8% 36.4 2.3%
App Downloads per day 6,937 8,553 -18.9% 7,106 -2.4%
Total Employees (period end) 13,112 15,367 -14.7% 12,834 2.2%
- Sales Employees (period end) 9,980 11,746 -15.0% 9,816 1.7%
BOARD OF DIRECTORS
EXECUTIVE DIRECTOR
V.S.S. Mani is the Founder, Managing Director and Chief Executive Officer of Justdial. With over 36 years of
V S S Mani experience in the field of media and local search services, he has successfully steered and kept our business
on the growth track, driven by technological innovation.

INDEPENDENT DIRECTORS
B. Anand has served as the CEO of Nayara Energy and CFO of Trafigura. He has over 37 years of experience in
large-scale global enterprise leadership, operations, strategies, enterprise integration and value creation,
B Anand (Chairman) including corporate finance and investment banking. He is a commerce graduate and a member of Institute
of Chartered Accountants of India.
Sanjay Bahadur has over 40 years of experience in construction. He holds a degree in Civil Engineering from
the Delhi College of Engineering and is currently the Chief Strategy and Business Development of
Sanjay Bahadur Construction and Chemicals division of Pidilite Industries Limited. He had also worked with Larsen & Toubro
Limited, Aeons Construction Products Limited, Unitech Prefab Limited and ACC Concrete Limited.
Malcolm Monteiro, an Electrical Engineering graduate from the Indian Institute of Technology (IIT), Bombay
and a postgraduate in Business Management from the Indian Institute of Management (IIM), Ahmedabad,
Malcolm Monteiro has been a valuable asset with a keen sense of vision. He was the India CEO of DHL e-commerce and served
as a member of the DHL e-commerce Global Management Board and Director of Blue Dart Express Limited.
Ranjit V. Pandit served as the Managing Director at General Atlantic, LLC, between 2007 and 2012 where he
was the head of the firm’s growth investment activities across India. He has served as an Advisory Director
Ranjit V. Pandit of General Atlantic LLC in 2013. Prior to General Atlantic, he served as the Managing Director and Chairman
of McKinsey & Company in India. He has an MBA from the Wharton School at the University of Pennsylvania
(USA) and holds a BE Degree in Electrical Engineering from VJTI, University of Bombay.
Bhama Krishnamurthy was Country Head and Chief General Manager, SIDBI. She has a career spanning over
35 years in lDBI (now lDBI Bank) and SIDBI, an Apex Development Bank for micro, small and medium
Bhama enterprises in India covering all areas of development in banking operations both from policy perspectives
Krishnamurthy and relating to implementation aspects. Her areas of specialisation include resource raising and
management, integrated treasury operations, credit dispensation & management and risk management. She
has done her Masters in Science (M.Sc.) from Mumbai University.
BOARD OF DIRECTORS
NON-EXECUTIVE DIRECTORS
V. Subramaniam is a Chartered Accountant and Cost Accountant. He has over 25 years of experience in the
fields of finance, accounts, taxation and business management. He has over the years served at various
V. Subramaniam leadership positions in industries ranging from consumer products, petrochemicals, refining to automobiles
and retail during his corporate tenure. He is currently serving as the Managing Director of Reliance Retail
Ventures Limited (RRVL) as well as Whole-time Director of Reliance Retail Limited, subsidiary of RRVL.

Ashwin Khasgiwala presently serves as the Chief Business Operations Controller for Retail Business and has
Ashwin Khasgiwala been associated with Reliance Group for more than 18 years. He is a Chartered Accountant and has over two
decades of experience in the fields of finance, compliance and accounting.

Geeta Fulwadaya has been associated with Reliance Group for over 15 years and has extensive experience in
the field of corporate laws and allied matters. She is also on the Board of several companies, including Den
Geeta Fulwadaya Networks Limited and Hathway Cable & Datacom Limited. She is a commerce graduate and also holds a law
degree from Government Law College. She is a member of the Institute of Company Secretaries of India.

Anshuman Thakur has completed his graduation in Economics and MBA from IIM Ahmedabad. He has 25
years of experience in corporate strategy and investment banking and has worked across diverse industries.
He is currently Senior Vice President at Jio Platforms Limited and responsible for strategy and planning
Anshuman Thakur functions. He joined the Reliance Group in 2014 and has ever since been closely involved with the Jio and
retail businesses. Prior to joining Reliance, he worked with Morgan Stanley as Head of Mergers &
Acquisitions in India. He was a TMT coverage banker at Rothschild prior to his stint at Morgan Stanley. He has
also worked with Arthur Andersen and Ernst & Young in the areas of corporate finance and strategy.
Dinesh Taluja has completed his B. Tech. from IIT Delhi and MBA from IIM Ahmedabad. He has over 18 years
of experience across Investment Banking, Management Consulting & Private Equity and has worked in
various roles across Credit Suisse, Standard Chartered Bank, McKinsey & Company and Peepul Capital. He
Dinesh Taluja was associated with Credit Suisse where he was leading their India’s M&A practice. He is currently serving as
the Chief Financial Officer of Reliance Retail Limited and Dy. Chief Financial Officer of Reliance Retail
Ventures Limited.
LEADERSHIP TEAM

Name Designation Experience Functional Areas

Overall growth strategy, planning, execution &

V S S Mani Managing Director & CEO 36 Years
management

V Krishnan Group President 31 Years Growth Strategy and Business Development

Finance, Strategy, Accounting, Treasury, Audit, Legal,

Abhishek Bansal Chief Financial Officer 15 Years
Compliance & Traffic
Leads Product, Design & Technology teams, IT Infra
Vishal Parikh Chief Product Officer 24 Years
and Voice Operations
Strategy, Marketing, Business Analytics, Traffic and
Shwetank Dixit Chief Growth Officer 13 Years
Revenue Growth, Content Augmentation & SEO
Chief Business Officer (West &
Rakesh Ojha 29 Years Sales & Expansion (West & South Region)
South)
Chief Business Officer (North &
Prashant Nagar 25 Years Sales & Expansion (North & East Region)
East)
Sales platform management, Strategic alliances,
Ajay Mohan Chief Business Officer 29 Years
Corporate partnerships & Business expansion

Rajesh Madhavan Chief People Officer 30 Years Human Resource Functions

Vice President & General

Bandan Karkidholy 20 Years Legal, Regulatory Compliances, Intellectual Property
Counsel
Company Secretary &
Manan Udani 15 Years Company Secretarial and Compliances
Compliance Officer
S H A R E H O L D I N G P AT T E R N

7.29% 74.18%
FOREIGN PROMOTER
INVESTORS GROUP*

8.53%
AS ON
INDIVIDUALS
JUN 30, 2024

10.00%
DOMESTIC
INVESTORS

*Stake held by Promoter - Reliance Retail Ventures Limited (RRVL) = 63.84%

 End of Presentation

Registered & Corporate Office:

Just Dial Limited, Palm Court Building M, 501/B, 5th Floor, New Link Road, Malad (W), Mumbai - 400064.

For any queries, please contact us at [email protected]