For 4QFY2018, Matrimony.com Ltd (MCL) posted results in-line with our
expectations on both top-line as well as bottom-line fronts. Consolidated revenues
grew by ~12% yoy and operating margins were also higher yoy. On the bottomline
front, MCL reported growth of ~26% yoy to `17cr on the back of strong topline
growth and operating performance.
Outlook and Valuation: We expect MCL to report net revenue CAGR of ~15% to
~`450cr over FY2018-20E mainly due to strong growth in online matchmaking
and marriage related services coupled by its strong brand recall and large user
database. On the bottom-line front, we expect CAGR of ~15% to `83cr over the
same period on the back of margin improvement. We maintain our BUY rating on
the stock with target price of `1,016.
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