Every few days, I come across people who have found their meaningful
match on our platform, and they are happy to share their experiences with me. We are
incredibly honoured to be part of their journey to "Light up their aspirations".
Dear Shareholders,
In the circle of life, marriage is one of the pivotal decisions.
Everyone aspires to find the right life partner that shapes their future and to share
their joys with a companion.
In FY 2024, one of the key initiatives that we undertook was
relaunching BharatMatrimony with a new design, with the customer's ease of use at the
forefront, along with technology advancement which makes any fix easier and faster. We
launched
"MeraLuv", an exclusive dating app for Indian Americans. We
extended the "Be Choosy" campaign with an interest-based matching feature. With
our continuous commitment to keeping our customers secure, we teamed up with ace actor
Vidya Balan to create and amplify awareness about scams. When we look back, FY 2024
continued to be a year of enhancements and we will pursue further avenues in FY 2025.
Our journey of rebranding and revamping our retail outlets has seen
initial success and we opened 17 new outlets. As a first in the segment, we have launched
Elite Matrimony Kiosks at Airports across 3 Indian cities such as Chennai, Bangalore, and
Delhi. We expect that this initiative will provide added visibility and increase traction
in Elite services.
Our tie-up with Greater Chennai Corporation for park maintenance in FY
2023, continued into FY 2024. The progress was noteworthy and well received by people
visiting the parks. Due to this, we have signed more MoUs in the areas of beach
maintenance etc. We also partnered with ISHA Foundation towards plantation activity that
dedicates every success story of our customers.
On the people front, I believe the introduction of Emerging Leaders
Program (ELP) will be a game-changer in nurturing future leaders. 25 Hi-Potential People
went through a four modular comprehensive leadership development program with
Bharathidasan Institute of Management (BIM) Trichy – a premier B School, as our
training partner.
On the business front, in FY 2024, our matchmaking revenues grew by
5.9% to INR 472 crore, adding more than a million paid subscriptions, which is a growth of
8%. The million milestone is testimony to our trusted brand over 24 years.
5.9%
Growth in matchmaking revenues
INR 481 crore
Consolidated revenue
Our wedding services business achieved revenues of INR 9 crore, a
decline of 7.7%. On a consolidated basis, revenue grew by 5.6% to INR
481 crore. Our Profit After grew by 6.2% to INR 49.6 crore.
Excluding marketing expenses, our
EBITDA margins in matchmaking are at 60% in FY 2024 as compared to 61%
in FY 2023. Due to the ongoing litigation with Google, we have provided for the disputed
service fee in FY 2024. If not for this, our PAT margins would have been higher by about
300 bps.
With the customer at the forefront, we continue to experiment and
explore newer avenues and make meaningful contributions.
I thank our shareholders, customers, partners, our employees, for their
continued trust and support throughout our journey. I thank our distinguished Board for
their guidance and helping us steer governance at the highest standards.
| With Best Wishes, |
| Murugavel Janakiraman |
| Chairman and Managing Director |