BharatMatrimony parent’s Q2 profit up 31% from year-ago; adds 2.1 lakh paid subscriptions

Matrimony.com, which runs online matrimony platform BharatMatrimony, announced its second quarter results of FY21 on Thursday. The company reported a jump of 31.2 per cent and 9.6 per cent in net profit to Rs 10.3 crores for the July-September quarter from the year-ago period and the preceding quarter ended June 30, 2020, respectively. Among the first generation of internet companies in India, which started in the 1990s, and also among the few to go public, Matrimony.com’s revenue increased 1.1 per cent to Rs 93.3 crore in Q2 FY21 from Q2 FY20 even as billing growth was 9.7 per cent year-on-year to Rs 96.6 crore during the quarter. The company primarily competes with Shaadi.com, Jeevansathi.com, etc.

“Our profitability continues to grow with improved operational efficiency. We are well-positioned to sustain this momentum in the current dynamic environment through innovation and driving robust execution,” said Murugavel Janakiraman, Chairman and Managing Director, Matrimony.com in a statement. The matchmaking business revenue was up by 4.6 per cent year-on-year to Rs 92.7 crores while it added 2.1 lakh paid subscriptions during the quarter up by 25.7 per cent from the year-ago period.

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According to the company’s portal, Matrimony.com has more than 5 million active members along with over 135 company-owned retail outlets. Matrimony.com, which competes with Shaadi.com, Jeevansathi, etc., Also, it runs more than 300 community-based and 15 regional matrimony sites while the business operates in two verticals — marriage services and matchmaking services. It got listed in September 2017.

India’s overall matchmaking industry is expected to grow at a CAGR of 25.1 per cent from nearly Rs 43.5 crore in 2020 to Rs 106.5 crore by 2024 along with the user penetration of 1.4 per cent in 2020 and 3.2 per cent likely by 2024, according to Statista. The average revenue per user (ARPU) is expected to be Rs 1,657. Matrimony.com had launched Prime membership service during the quarter under BharatMatrimony to offer 100 per cent ID-verified profiles. It also launched ‘Who Can See Me’ feature for members to control who can see their profile and contact them and ‘SecureConnect’ feature to receive calls from prospects without disclosing the mobile number.